OpenTug raises $3.1 million in seed round funding

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Created on Thursday, 28 March 2024 11:21

Written by Eduardo Castaner

(MarineLog) OpenTug, the digital shipping startup built to connect freight with barges and terminals nationwide, reports that it has raised an oversubscribed $3.1 million seed round investment.

Led by Entrada Ventures, the funds will be used to further develop the company’s industry-leading technology and grow OpenTug’s network of shippers and service providers to help America move marine freight at unprecedented levels.

The OpenTug digital maritime marketplace gives shippers access to thousands of barges, tugs, and terminals across over 25,000 miles of marine highways, while its SaaS platform enables operators to automate their pricing, routing, tracking, booking, and marketing.

An increasing number of shippers are joining the OpenTug network to leverage the Mississippi River, Ohio River, intracoastal waterways, coastal regions, and oceans to find more efficient ways to move freight.

OpenTug says that it has already onboarded over 30% of US barge capacity and 200 terminals. In 2023, the platform helped three million tons of cargo find its way to the waterways. Its SaaS services now help marine transportation providers such as TOTE Maritime, SEA.O.G, McDonough Marine Service, the Port of Pittsburgh, and others better serve stakeholders digitally.

This significant investment follows successful pre-seed funding led by SeaChange Fund. Now, OpenTug has the backing of Entrada Ventures, SpringTime Ventures, Stout Street Capital, and other strategic investors. This support will help further. the company’s mission to dramatically increase the efficiency and volume of freight moving on U.S. waterways through technology connecting terminals, barges, tugs, and ships.

“We’re excited to partner with OpenTug to help bring the tug, barge, and terminal industry online,” said Eric Kanowsky, co-founder and managing partner at Entrada Ventures.

“We’re determined to help the U.S. maritime industry maximize every nook and cranny of our nation’s great marine highway system,” said Jason Aristides, CEO of OpenTug, who will be among the speakers at Marine Log’s TTB event next month. “Our success will help grow many businesses and contribute massively to building a resilient supply chain. We are honored to partner with Entrada to accelerate this mission.”

Source: https://www.marinelog.com/inland-coastal/opentug-raises-3-1-million-in-seed-round-funding/