BAM Worldwide, a Fintech company specializing in payment processing and capital loan technology solutions for the transportation industry, announced today that is has completed a $10 million investment led by Millstone Capital Partners. The funding will be used to expand team growth, sales pipeline, and product development.
For small to mid-sized logistics companies, obtaining loans can pose a challenge — transportation operations and equipment require a lot of capital, which takes time and can be difficult to procure from a traditional lender. BAM’s cloud-based platform processes the payments for those companies, and then advances their working capital to result in much faster transactions.
The companies can book more loads faster, improve their credit, and increase cash flow.
It’s a niche market, but one that adds up to about $400 billion total, according to CEO and founder Todd Ehrlich. And BAM is effectively tackling the pain points. In the last year the company saw a revenue increase of 300 percent and was ranked in the top 25 fastest growing companies in Atlanta in the 2017 Pacesetter Awards.
With this funding round, BAM will expand sales, innovation, and product development. Ehrlich certainly has the experience needed to scale — the former Navy SEAL’s last venture, the workout recovery drink Kill Cliff, Ehrlich grew the company from a one-man operation to being named amongst the INC 500 fastest growing companies, taking the #1 spot for beverage companies.
After leaving Kill Cliff, Ehrlich, who also launched and grew a successful housing appraisal management company, spoke to a contact in investment banking who had gotten involved with loans in the logistics space and seen its problems firsthand. Never one to shy away from a problem, Ehrlich conceived of a solution and set out to implement it.
“The transportation industry landscape will look dramatically different five years from today, with new technology changing the way companies handle their finances,” Ramesh Mantha, partner at Millstone Capital Partners said in a statement. “We believe BAM is at the forefront of this innovation.”
Featured image via BAM Worldwide. Inline photo taken by Ed Wolkis.
