![]() ![]() This requires trucks to transport less-than-truckload freight to a processing facility, where it is distributed via another truck.īut with Flock Freight's solutions, LTL shipments travel with a TL carrier as a shared truckload, avoiding hubs and unloading and reloading, which can cause loss, damage, and delays. LTL shipments typically move through the industry's hub-and-spoke system, Oren Zaslansky, founder and CEO of Flock Freight, told FreightWaves. (OTC: SFTBY) led the round, with participation from existing investors SignalFire, GLP Capital Partners and Google Ventures, as well as a new strategic partner, Volvo Group Venture Capital, which provides support from the OEM's trucking arm.īased in San Diego, Flock Freight will use the funding to accelerate developments for the company's "algorithmic pooling" technology, which seeks to transform existing less-than-truckload (LTL) and truckload (TL) shipping models. Our investment is intended to accelerate the company’s ability to scale its business and capture a greater share of the market,” said Tu, managing partner at SoftBank Investment Advisers.Flock Freight, a technology startup that offers a shared truckload shipping solution, has raised $113.5 million in a Series C, the latest in a series of noteworthy funding rounds completed by maturing digital freight companies. “Flock Freight is improving supply chain efficiency for hundreds of thousands of shippers. Their pitch has been compelling enough to attract a diverse mix of venture firms and corporate investors such as Volvo and SoftBank. “Shippers can use Flock Freight’s efficient shared truckload solution to accommodate high demand and increased urgency.” The impact of Flock Freight’s algorithms is that shippers no longer need to adhere to LTL constraints for freight that measures up to 44 linear feet instead, they can classify it as ‘shared truckload,’ ” Oren Zaslansky, founder and CEO of Flock Freight said in a statement. “Unlike the digital freight-matching category that uses technology to simply improve efficiency as workflow automation, Flock Freight uses technology to power a new shipping mode (shared truckload) that makes freight transportation more efficient. Flock Freight says that by pooling onto one truck shipments that are going the same direction, freight-related carbon emissions can be reduced by 40%. Flock Freight says its software avoids the traditional hub-and-spoke system, which is dominated by trucks with less than a full load, known in the industry as LTL. The company created a software platform that helps pool shipments into a single shared truckload to make carrying freight more efficient. Most have focused on building digital freight networks that connect truckers with shippers.įlock Freight has focused instead on the shipments themselves. ![]() economy that moves more than 70% of all U.S. The company, which has raised $184 million to date, has post-funding valuation of $500 million, according to a source familiar with the deal who confirmed an earlier report by Bloomberg.Ī slew of startups have popped up in the past several years all aiming to use technology to transform trucking - the backbone of the U.S. Ervin Tu, managing partner at SoftBank Investment Advisers, will join Flock Freight’s board. Existing investors SignalFire, GLP Capital Partners and Google Ventures also participated in the round, in addition to a new minority investment by strategic partner Volvo Group Venture Capital. It’s inside these trucks - many of which sit half empty - where Flock Freight, a five-year-old startup out of San Diego, believes it can transform the industry.įlock Freight said Tuesday it has raised $113.5 million in a Series C round led by SoftBank Vision Fund 2. highways, propelling the economy forward as consumer goods, electronics, cars and agriculture make their way to distribution centers, stores and eventually households. Everyday thousands of trucks carry freight along U.S. ![]()
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