OneMorePallet Receives an Investment of $350K From Queen City Angels.
A discount freight shipping web site, named OneMorePallet has recently secured an investment of over $325,000 from Queen City Angels(QCA), an angel investment group based within Cincinnati, OH. The investment will increase customer attention efforts, and further improve upon their customer experience within the site.
“OneMorePallet has built an online marketplace to help small businesses reduce freight shipping costs; make the trucking industry more efficient; and reduce natural resource waste,” says QCA member John Habbert.
“We believe in their model, and we know Bill is a top-notch entrepreneur with a lot of experience in starting and running companies,” adds Habbert.
OneMorePallet’s technology matches small business that are in dire need freight shipped on pallets with less-than-truckload (LTL) carries that are searching for ways too fill unused space at a discounted rate. There are plenty of open space on LTL trucks, on average, 30-40 percent of the time. Small business receive a lower-cost shipping alternative, up to either 50 percent of already discounted retail rates, with simple online ordering and credit card purchasing. Carriers maximize their profits by including more pallets on trucks that are already on the road. OneMorePallaet manages the transaction, which takes up to no less than 10 minutes to do so.
Customers can name their own shipping price, and OneMorePallet;s software will determine if their are any matches. if none pop up, customers can continue to raise their bid or try again at a later time as the market dynamics with supply and demand. OneMorePallet takes a small fee for every transaction done. The shipment is picked up within a day or two. Carriers receives payment when they complete delivery, so they are incentive to fulfill the order as quickly as possible.
“Our service creates a win-win for small business shippers, the trucking companies, and by maximizing truckload capacity, we help reduce fuel consumption and emissions,” says Bill Cunningham, founder and chief executive officer of OneMorePallet.
OneMorePallet’s main customers are U.S.-based small business manufacturers, distributors, and even breweries with under $10 million in sales that don’t tend to ship enough volume to get a their load rate carrier discounts. Since launching during the late 2012, OneMorePallet has fulfilled over 300 shipments for a total of 75 customers. Main customers include iWireless, National Band and Tag Co, Rheingesit Brewery and Mt. Carmel Brewing Company.
“Over 46 percent of our customers shipped more than once, and we are focused on increasing our repeat business,” says Cunningham.
OneMorePallet has a partnership with over 32 carriers, Which covers 94 percent of the country. The company’s network of national carries which include OldDominion, YRC Freight, Road Runner, and the Castellini Group of Companies.
OneMorePallet has managed to raise a total of $692,000 to date and is currently in the process of gaining another $350,000 to increase its digital marketing efforts and reinvest within the company’s software. UpTech, a northern Kentucky startup accelerator, private Investors and the founder funded the financial round.