BasicBlock
Latest round
- Seed
Last raised
- May 2020
Total raised
- $1.8M
Investors
- 4
About BasicBlock
BasicBlock, Inc.Founded in 2018 and headquartered in Lincoln, US, BasicBlock, Inc. offers financial services tailored to the trucking industry. The company was co-founded by Brett Byman, Corey Collins, and Taylor Monks, who is also the current CEO.BasicBlock specializes in freight factoring solutions tailored for trucking companies, enabling them to receive rapid payments against their outstanding invoices. The core functionality allows drivers and carriers to submit invoices through a streamlined app, facilitating payment processing in under 48 hours. This service is particularly beneficial for those in the trucking industry who often encounter cash flow challenges due to delayed payments from brokers. BasicBlock collaborates with over 6,000 reputable freight brokers across the United States, ensuring its clientele can continue working with their preferred partners while benefiting from expedited payment solutions.BasicBlock operates on a straightforward revenue model centered around freight factoring services. The company charges a single, industry-low factoring rate for its services, devoid of additional hidden fees, monthly minimum requirements, or long-term contracts. In a typical transaction, a carrier submits an invoice for services rendered to a freight broker, and upon approval, BasicBlock advances the payment quickly, enhancing cash flow for the carrier. The transaction structure primarily involves a B2B framework, where BasicBlock engages directly with trucking companies, providing them with immediate funds in exchange for the rights to collect the invoice from the broker.82 mn to expand its services, hire additional staff, and enhance client support. The company aims to launch new product offerings in the coming year that will further streamline financial operations for trucking companies. Additionally, BasicBlock is exploring opportunities to expand its footprint into new geographic regions, targeting specific markets that will enhance its service reach and operational capacity.
Who invested in BasicBlock
4 investors across 1 round
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Funding rounds
Seed
May 1, 2020
Amount
$1.8M
Investors
Questions about BasicBlock
Who invested in BasicBlock?
BasicBlock has 4 investors on record across 1 venture round. Sign up free to see every VC on the cap table and the rounds they joined.
How much funding has BasicBlock raised?
BasicBlock has raised 1 venture round. Sign up free to see how much each round raised and the total.
When did BasicBlock last raise money?
BasicBlock's most recent round on record is a Seed, in May 2020.
What does BasicBlock do?
BasicBlock is a software company.
Where is BasicBlock headquartered?
BasicBlock is headquartered in Lincoln, US.
Which VCs invest in companies like BasicBlock?
Among active investors with capital left to deploy, Andreessen Horowitz, Founders Fund, Accel and Thrive Capital back software companies at BasicBlock's stage. Their profiles are linked below.
VCs backing software startups at Seed
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