startups

Tech startup Flock Freight collects $50 million in VC backing – DC Velocity


February 25, 2020

Google-funded firm uses algorithms to bundle LTL freight into full truckloads.

By DC Velocity Staff

Trucking technology startup Flock Freight has collected $50 million in venture capital backing to fund increased product innovation and partnership expansion as the company accelerates its “freight carpooling” model, the firm said today.

The “series B” funding round was led by SignalFire and GLP Capital Partners, and follows previous venture rounds totaling $40 million, led by its largest backer, Google Ventures (GV), the venture capital arm of search giant Google Inc.’s corporate parent, Alphabet Inc.

With this funding round, San Diego-based Flock Freight will expand its FlockDirect platform into a mid-market and enterprise-level solution for businesses across the country. The firm’s “hubless pooling product” uses algorithms to pool multiple less-than-truckload (LTL) and partial-truckload (PTL) freight shipments so they can be shipped via full truckload service.

Also with its new backing, Flock Freight said it will “redefine the antiquated pricing structure” associated with the hub-and-spoke model of shipping freight, and expand its partnerships with truckload carrier networks to ensure their trucks are completely filled.

“There are many companies trying to bring data or tech-enabled workflows to the transportation market, but what got us excited about Flock Freight was their ability go beyond that to offer a fundamentally better experience for customers with FlockDirect,” Chris Farmer, SignalFire’s founder and chief executive officer, said in a release.


Resources Mentioned In This Article




Join the Discussion

After you comment, click Post. If you’re not already logged in, you will be asked to log in or register.

Subscribe to DC Velocity



Feedback: What did you think of this article? We’d like to hear from you. DC VELOCITY is committed to accuracy and clarity in the delivery of important and useful logistics and supply chain news and information. If you find anything in DC VELOCITY you feel is inaccurate or warrants further explanation, please
?Subject=Feedback – : Tech startup Flock Freight collects $50 million in VC backing”>contact Chief Editor David Maloney. All comments are eligible for publication in the letters section of DC VELOCITY magazine. Please include you name and the name of the company or organization your work for.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.