Freehand, an enterprise AI startup, has successfully raised $75 million in a Series B funding round aimed at enhancing its autonomous AI agents that streamline supply chain spending and back-office functions for large corporations. Co-led by Battery Ventures and NewRoad Capital Partners, the funding round saw participation from Nexus Venture Partners and former U.S. Commerce Secretary Penny Pritzker, bringing Freehand's total capital raised to $100 million. Although the company did not disclose its valuation, CEO Nitin Jayakrishnan indicated a significant increase from its previous $25 million Series A round in March 2024. This investment comes at a crucial time when traditional supply chain models are being challenged by geopolitical tensions and evolving economic policies, leading to a resurgence in venture capital interest in logistics and supply chain startups, which have collectively raised $6.2 billion in the first half of 2026 alone.
Founded in February 2024 by logistics veterans Jayakrishnan and Abhijeet Manohar, Freehand aims to disrupt the outdated paradigms of back-office operations that have long relied on manual processes. The duo, who previously co-founded the transportation management system Pando, recognized the potential for AI to leapfrog existing technologies. Unlike conventional spend management platforms that focus on corporate expenses, Freehand's AI agents tackle the intricacies of supply chain operations, managing non-standard expenditures across logistics, materials, and labor. The software integrates seamlessly with existing systems, automating tasks such as contract analysis and vendor negotiations, thereby reducing the need for large back-office teams.
Freehand's technology is designed to deliver measurable ROI for Fortune 500 companies, with claims of recovering 5% to 10% of total spend and significantly accelerating operational workflows. The AI platform autonomously processes billions in payments across multiple countries and currencies, aiming to transform how enterprises manage their supply chain finances. As noted by Dharmesh Thakker of Battery Ventures, the supply chain sector remains heavily reliant on manual processes, presenting a substantial opportunity for automation and efficiency gains. Freehand's focus on the largest Fortune 500 companies positions it uniquely in a market where many competitors target intermediaries, highlighting its potential to drive significant change in the logistics landscape.
Founded in February 2024 by logistics veterans Jayakrishnan and Abhijeet Manohar, Freehand aims to disrupt the outdated paradigms of back-office operations that have long relied on manual processes. The duo, who previously co-founded the transportation management system Pando, recognized the potential for AI to leapfrog existing technologies. Unlike conventional spend management platforms that focus on corporate expenses, Freehand's AI agents tackle the intricacies of supply chain operations, managing non-standard expenditures across logistics, materials, and labor. The software integrates seamlessly with existing systems, automating tasks such as contract analysis and vendor negotiations, thereby reducing the need for large back-office teams.
Freehand's technology is designed to deliver measurable ROI for Fortune 500 companies, with claims of recovering 5% to 10% of total spend and significantly accelerating operational workflows. The AI platform autonomously processes billions in payments across multiple countries and currencies, aiming to transform how enterprises manage their supply chain finances. As noted by Dharmesh Thakker of Battery Ventures, the supply chain sector remains heavily reliant on manual processes, presenting a substantial opportunity for automation and efficiency gains. Freehand's focus on the largest Fortune 500 companies positions it uniquely in a market where many competitors target intermediaries, highlighting its potential to drive significant change in the logistics landscape.
Source: Crunchbase
