16 Sep TransVix secures $2M from Hunt Technology Ventures
DMagazine recently reported that Fort Worth startup TransVix received a two million dollar vote of confidence from Hunt Technology Ventures. The Dallas-based company is one of the largest private technology investors in North America.
The funding is led by David Hunt, the founder and managing partner of Hunt Technology Ventures. He will occupy a seat on TransVix’s board, and help the team continue its development of technology. Hunt’s background includes 20 years of investing long-term capital in private companies. His focus is taking technology and biotechnology companies from the seed stage to Series A rounds.
TransVix is a freight transportation company that developed a platform to enable participants to hedge against pricing and capacity volatility, which previously wasn’t allowed. Now, shippers, carriers, and brokers can trade options and futures for the U.S. trucking industry. Named the TransVix Marketplace, they are working on an application to become a designated contract market by the U.S. Commodities and Trading Commission. TransVix hopes to have its first contracts beginning January 2017.
The market opportunity is explained on TransVix’s website, stating, “The market is ripe for disruption and the opportunity is significant. We are revolutionizing how freight transportation is contracted, and creating a vibrant new marketplace for hedgers and speculators to participate.”
Craig Fuller, the CEO of TransVix, ensured that his executive team members were industry veterans, who would be able to lead TransVix well. Some of these members include chief product officer Ben Murphy, the former founder of Integrated Decision Support Corporation and Truckloadrate.com, and chief strategy officer Mark Walker, vice president at C.H. Robinson Worldwide, a Fortune 500 transportation services company.
Fuller himself was formally a day trader and initially financed TransVix from selling all of his stocks. He was introduced to David Hunt through Dallas venture capitalist Jason Story. When Fuller and Hunt met, Hunt took an interest in TransVix’s market and team, which solidified his investment.