CHARLOTTE … In the Queen City’s largest funding deal this year,
logistics software and services company Elogex has received $17 million from an investor group led by New York-based Fenway Partners.

The additional capital will enable Elogex to aggressively pursue its next phase of development, the company says, and allow it to expand its infrastructure to support an increasing customer base, which includes the likes of Home Depot, Kroger and DuPont.

“This funding is a key milestone for Elogex,” President and Chief Executive Travis Parsons said in a statement. “Slow economies have traditionally yielded many market leading companies, and we intend to leverage the current environment to deliver more value to our customers. We very much appreciate the continued support of our investors, which allows us the flexibility to increase the pace of value that we deliver to our clients by taking real costs out of the supply chain.”

Over the last year, Elogex has expanded its retail and manufacturing client base. The new funding will be invested in Elogex’s operations to expand service levels and capabilities to take advantage of increasing customer activity.

“Elogex has rapidly achieved a leading position in the market by capitalizing on their unique combination of talent and technology, and they are poised to expand their growing list of blue-chip corporate clients,” Fenway President Richard Dresdale said in a statement. “We are extremely confident in the company’s growth prospects.”

In addition to providing financial capital, Fenway Managing Partner W. Gregg Smart will work closely with Elogex senior management to provide strategic direction to execute its aggressive growth plan.

Including this fourth funding round, Elogex has raised $34 million to date. Fenway, which led a round of more than $10 million last December, has been the company’s primary investor. Elogex spokeswoman Jennifer Bonk declines to name other investors that participated in the latest round, saying Fenway provided “the vast majority” of it.

Along with operational expansion, Elogex has expanded its management team, adding Jerry Overcash as executive vice president, Bill Donner as chief information officer and Ken McAloon as chief scientist. Bonk says the company, which now employs about 100, also has added positions in development, marketing, client services and sales.

Founded in 1999, Elogex is headquartered in Charlotte and has offices in Atlanta, Dallas, Detroit and Hartford, Conn. The company provides a platform available for collaborative logistics to a client roster in the food, grocery and consumer good industries.

The previous high mark for a Charlotte venture deal this year was $11.5 million raised by V3 Systems, another logistics software company.


Fenway Partners: