We have decided to take advantage of the Reg CF rules to enable non-accredited investors, including truckers, dispatchers, supply chain professionals, technology enthusiasts, etc. to have ownership of dexFreight.
For the last two and half years, we have been working towards our goal of simplifying logistics for a better world. Our thesis identifies the high fragmentation, low level of digitization, and lack of liquidity as the root causes of many of the problems of our industry, plagued with manual processes, delayed payments, low visibility, elongated transit times, empty miles with its respective environmental impact, counterparty disputes and lack of trust. We believe we can address these challenges through a shared open logistics network running on decentralized protocols and Web 3.0 infrastructure, to allow freight companies to exchange real-time load and capacity availability, and transact with each other from booking to payment using smart contracts, while preserving data ownership and keeping a fair share of the value they create by participating in the network.
We started our early days by evangelizing the power and prospects of blockchain technology to the logistics industry. We quickly realized that was not enough, so we decided to build our marketplace using conventional web2 infrastructure as the interface for the users to experience this disruptive technology first hand. Since then, we have received support and validation from multiple thought leaders in both the logistics and blockchain industries.
As of today, we have raised over $3.2 million from angel and strategic investors, including freight brokers, shippers, and trucking companies, who understand firsthand the pains and challenges of the industry and the potential of blockchain as the solution through the use of smart contracts.
With their support, we have launched our full truckload and drayage marketplaces; dexFi, a patent-pending alternative to freight invoice factoring to get carriers paid as soon as they deliver. In addition, we have developed machine learning algorithms and the underlying protocols that make all of this possible and scalable.
With a growing network of over 2,700 logistics companies registered, and with freight spend growing at 46% quarter over quarter, we are now entering the next phase of rapid scale-up, moving forward with our vision of fair and equitable distribution of network value among those contributing to its success. For this reason, after careful consideration of the current US regulatory environment, we have decided to take advantage of the recent SEC amendments to the Reg CF rules, that allow startups to raise up to $5MM through crowdfunding. This kind of fundraising facilitates non-accredited investors and retail investors, including truckers, dispatchers, supply chain professionals, technology enthusiasts, etc. to have ownership of dexFreight.
For the specifics regarding the offering, please visit our campaign page on StartEngine.
Let this be an open invitation not only to those that have supported us from the beginning but also to anyone interested in joining us. Together we will shape the future of global logistics.