Wednesday, December 2, 2020

Flock Freight Finds $113.5M For Logistics Tech

Solana Beach-based Flock Freight, a logistics provider which uses algorithms to pool shipments to reduce existing less-than-truckload (LTL) shipping, has raised $113.5M in a Series C funding, the company said this week. The funding was led by Softbank Vision Fund 2, and also included SignalFire, GLP Capital Partners, GV plus Volvo Group Venture Capital. As part of the funding, Softbank's Ervin Tu will join the company's board of directors. Flock Freight says its algorithms help turn less-than-truckload shipments into truckloads, which allows several LTL shippers to share trailer space in one multi-stop full truckload. The company says that allows for the avoidance of hub-and-spoke facilities, avoiding delays, possible losses, and damages when shipments go through those facilities. Oren Zaslansky is the CEO and founder of Flock Freight. More information »