Global moving industry marketplace Shyft has closed a $16 million Series B funding round, with the startup also naming business veteran Randal Meske as its new CEO.
New investors included Munich RE Ventures and OurCrowd, with the round also seeing participation from existing investors, Inovia Capital and Blumberg Capital, according to a press release Thursday (Sept. 15). The fresh capital will be used to expand its solutions and increase value to customers across the top global markets and demographics for relocation and moving.
Meske, a go-to-market and growth leader with decades of leadership experience, has had roles at Software-as-a-Service (SaaS) startups and industry heavyweights like IBM, Lotus, IHS Markit and Oracle.
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“I am thrilled to join the Shyft team for the company’s next phase of growth,” Meske said. “I believe we have the team and technology to disrupt the relocation industry by replacing legacy tools with a holistic technology solution.
“We are focused on accelerating the modernization of the moving industry and helping moving companies grow their business, while making it easier for individuals and families to move into their new homes.”
Todd Simpson, Inovia Capital’s general partner, said Meske is the right person to lead Shyft, adding that his “expertise and qualifications are perfectly suited to lead the company as it grows its partnerships, scales its solutions and extends its ecosystem for the moving industry.”
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The moving industry generates an estimated $86 billion annually, according to the press release, and 31 million people in the U.S. move every year.
Headquartered in Miami, Florida, and founded in 2015, Shyft provides digital infrastructure and supply chain solutions to the entire moving industry. The platform connects customers to moving companies around the world, providing transparent pricing and integrating financial solutions for both suppliers and movers.
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