CED Member River Cities Capital Funds has invested $10 million in Trax Technologies in a Series B round of financing. River Cities led the round, and incumbent investor Capital Southwest also participated.
River Cities' investment in Trax marks the first investment out of the firm's Fund V.
River Cities' technology practice centers around high-growth, capital efficient companies poised to lead their respective markets with solutions that help businesses improve efficiency by streamlining operations, increasing revenue and reducing costs. Target portfolio companies pursue large, established markets with disruptive technologies and services that are significantly "better, faster, cheaper" than the incumbent solutions.
"Trax is the leading global provider of solutions that manage transportation-related spend," says River Cities' Rob Heimann, who will join the company's Board. "Trax is entering a period of tremendous growth as global customers focus on controlling costs, enhancing transparency, reducing financial risks and shortening supply chains."