In a nutshell, it was “Commodity guy meets eCommerce guy in a bar one night” and Basin Commerce was born. Back in 2015, Tom Venable (Basin Co-founder/CEO) met a friend, Scott Stefan (Basin Co-founder), a successful, lifelong commodities trader. Over a few beers, Stefan was lamenting the inefficiencies of the bulk freight market. Venable, a three-decades-plus eCommerce trailblazer, who understood the efficiencies of eCommerce, said, “Isn’t there an app for that?” They brought in Pete Olson, a seasoned eCommerce builder, and began their research.
The team discovered that today’s bulk freight transportation industry was doing business basically the same way they had for decades—and, had not enjoyed the efficiencies that the Internet has brought to almost every other industry. The trio recognized the opportunity for tech-driven marketplace efficiencies was significant. In 2016, Venable, Stefan, and Olson launched the first and only online marketplace for bulk freight logistical services—iBookFreight - and in just eight months, the team booked and moved over 200,000 tons of cargo.
The Basin Team’s goal is to bring new technologies to the bulk freight marketplace—enhancing efficiencies for all the players, shippers as well as service providers. They plan to bring 2 to 4 new software/platform products to market in the next year.
Come support Basin Commerce – and 10 other amazing startups – at our upcoming showcase on Wednesday, April 11th at the Machine Shop. Doors open at 5:30pm. Show Extempore some love on social media and get $5 off your ticket! Visit beta.mn to learn more and snag your tickets today!
