Relay Logistics is a route optimization and fleet management SaaS platform serving mid-market logistics companies across North America. Founded in 2021, the company has demonstrated consistent revenue growth of 26% year-over-year, reaching $9.6M ARR as of May 2026.
The company is seeking a $2.5M revenue-based financing facility to accelerate go-to-market expansion and invest in product development for their enterprise tier. Based on our comprehensive credit analysis, Relay Logistics represents a low-risk lending opportunity that meets all criteria of our SaaS Lending Policy v2.1.
Key strengths include strong unit economics (115% NDR, 18% customer concentration), healthy margins (85% gross margin), and a proven management team with prior exits in the logistics technology sector. The company maintains a DSCR of 1.42x with substantial covenant cushion across all metrics.
| Metric | FY 2025 | TTM May 2026 | YoY Change |
|---|---|---|---|
| Annual Recurring Revenue | $7.6M | $9.6M | +26% |
| Gross Margin | 84% | 85% | +1pp |
| EBITDA | $1.02M | $1.32M | +29% |
| Net Dollar Retention | 112% | 115% | +3pp |
| Customer Concentration (Top 3) | 22% | 18% | -4pp |
IC Recommendation: Approve the $2.5M revenue-based financing facility with a 36-month term, 6.5% interest rate, and 0.5% monthly royalty on net revenue. Recommend standard covenant package with minimum revenue threshold of $600K/month and DSCR floor of 1.10x.