OpenTug, Seattle-based makers of marine transportation logistics software, has raised $3.1 million in seed funding, the company announced Thursday.
The fresh cash will be used to further develop OpenTug’s maritime marketplace and software platform and grow its network of shippers and service providers. The investment was led by Entrada Ventures out of Southern California.
OpenTug’s marketplace gives shippers access to thousands of barges, tugs, and terminals across more than 25,000 miles of marine highways, and its software enables operators to automate pricing, routing, tracking, booking, and marketing.
The company said its platform helped guide 3 million tons of cargo on waterways in 2023.
“We’re determined to help the U.S. maritime industry maximize every nook and cranny of our nation’s great marine highway system,” Jason Aristides, OpenTug’s Los Angeles-based CEO, said in a news release. “Our success will help grow many businesses and contribute massively to building a resilient supply chain.”
Aristides was previously an operations analyst with Curtin Maritime Corp. He co-founded OpenTug with COO Michael Baldwin, who previously worked at Amazon Web Services, and CTO Luciano de la Iglesia, who spent time as a data scientist at Microsoft.
“We are similar to Expedia for maritime logistics except carriers and terminals can manage their whole business in our platform,” Aristides said.
OpenTug previously raised pre-seed funding led by SeaChange, a Seattle-based early stage investment firm that recently shut down. SpringTime Ventures, Stout Street Capital, and others invested in the latest round.
