Logistics start-up Homer raises $8.5m for technology investment
July 5, 2017
Homer Logistics, a start-up specialising in optimising local, final kilometre delivery using advanced logistics technology, has raised $8.5m in series A funding, led by Two Sigma Ventures with Lerer Hippeau Ventures, RSE Ventures and Laconia Capital Group participating.
The New York company will use the financing to expand its research capabilities and technical team to improve its ability to drive operational efficiencies for its customers.
Homer Logistics provides local delivery for businesses through the combination of logistics technology and a fully employed fleet of delivery couriers. The company's data scientists, operations research scientists and engineers create software that better predicts and understands delivery patterns. This enables it both to schedule employees in accordance with delivery demand and optimise real-time, automated dispatching, bringing economic efficiency to final kilometre deliveries without sacrificing speedy delivery time or delivery quality.
"The local delivery service industry is in serious need of a delivery partner that prioritises efficiency over scale," said Adam Price, CEO of Homer Logistics. “Using a controlled workforce, properly scheduling and forecasting supply and demand, and optimising real time order dispatching is how local delivery becomes economically viable and sustainable. Homer provides a sustainable, economical solution for local delivery and dramatically changes the way goods are transported in these environments, especially as more and more disparate connection platforms drive orders to local merchants."
Homer has raised a total of $14.5m in funding since 2015 to support its growing business platform, and partners with local merchants, ranging from mom-and-pop shops to national brands. The company manages all delivery operations in Manhattan and licenses its logistics platform to EatStreet, a restaurant delivery provider, in ten other US markets.
"Two Sigma Ventures invests in start-ups utilising computer science, maths and statistics to meaningfully change the way their industries operate," said Colin Beirne, Two Sigma Ventures managing director. "Unlike existing courier services, Homer Logistics utilises this expertise to develop technology that enables them to make more intelligent decisions and puts them at the forefront of mathematically solving final mile logistics."