# BasicBlock

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/basicblock

- Industry: Software
- Headquarters: Lincoln, US
- Website: www.basicblock.io
- Total disclosed funding: $1.8M
- Latest round: Seed (May 1, 2020)
- Investors on record: 4

## About

BasicBlock, Inc. is a financial technology company that specializes in providing freight factoring solutions specifically designed for trucking companies, enabling rapid payments against outstanding invoices.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 has successfully completed 7 funding deals, with the most recent funding round occurring on January 24, 2022, which raised USD 0.82 mn, bringing the total amount raised to USD 0.82 mn.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. The company’s financial services are designed for fleets and individual carriers throughout North America, establishing a strong presence in this competitive market.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. This efficient payment process positions BasicBlock as a vital partner for fleets seeking to improve their financial liquidity and operational efficiency.Following the recent funding round on January 24, 2022, BasicBlock, Inc. plans to utilize the raised USD 0.82 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.

## Funding rounds

- Seed, May 1, 2020, $1.8M — Revolution Ventures, Invest Nebraska, Emergent Ventures, SaaS Ventures

## Investors

- Revolution Ventures (https://capitalatlas.ai/funds/revolution-ventures) — Seed
- Invest Nebraska (https://capitalatlas.ai/funds/invest-nebraska) — Seed
- Emergent Ventures (https://capitalatlas.ai/funds/emergent-ventures) — Seed
- SaaS Ventures (https://capitalatlas.ai/funds/saas-ventures) — Seed