Flock Freight Announces $50M Series B Funding Round to Disrupt the Freight Logistics Industry
SOLANA BEACH, Calif., Feb. 25, 2020 /PRNewswire/ -- Flock Freight, the only hubless business-to-business freight logistics company, today announced a $50M Series B funding round led by SignalFire and GLP Capital Partners.
“Flock Freight is pioneering the hubless shipping market, benefiting both the shipper and the carrier,” said Oren Zaslansky, chief executive officer and founder of Flock Freight. “As we continue to prioritize exceptional service and affordability for shippers and increased revenue potential for carriers, we look forward to expanding FlockDirect and our partnerships with carriers throughout the U.S.”
With this funding round, Flock Freight will expand FlockDirect, its hubless pooling product that utilizes proprietary algorithms to pool multiple less-than-truckload (LTL) and partial-truckload (PTL) freight shipments so they can be shipped via full truckload service, into a mid-market and enterprise-level solution for businesses across the country. Flock Freight will also redefine the antiquated pricing structure associated with the hub-and-spoke model for shipping freight and expand its partnerships with truckload carrier networks to ensure their trucks are completely filled.
Flock Freight’s technology solution, FlockDirect, is revolutionizing the traditional freight logistics model by:
- Eliminating terminals, freight arrives untouched from pick-up to delivery, resulting in less than 0.001% damage claims
- Pooling freight, FlockDirect eliminates the need to switch trucks or stop at warehouses, optimizing the route which reduces fuel emissions up to 40%
- Guaranteeing the delivery date to create a predictable shipping schedule for customers, Flock Freight provides an on-time delivery rate of 97.5% and offers a 100% money-back guarantee
“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,” said Chris Farmer, founder and chief executive officer of SignalFire.
“We strongly believe that logistics will be one of the most exciting and disruptive industries in the years ahead. Our partnership with Flock Freight reflects this conviction,” said Alan Yang, chief executive officer of GLP Capital Partners. “Their FlockDirect system will build a more efficient and reliable less-than-truckload freight market, and we look forward to working with them to build a better logistics industry.”
Flock Freight is transforming the $65B freight industry with its proprietary algorithms that ensure efficient and affordable shipping from coast to coast. This eliminates the traditional hub-and-spoke model that requires trucks to transport LTL and PTL freight to a processing facility for it to be distributed via another truck. Flock Freight’s hubless system enables truckload carriers to maximize their full revenue potential by ensuring their trucks are filled and reduces the trucks’ overall road travel, positively affecting their carbon footprint.
Every company, from small jarred food companies to large electronics companies, will find enhanced value in FlockDirect’s system due to its damage-free and on-time guarantees. FlockDirect eliminates the potential for damage by never moving freight from the truck until it reaches its final destination and its guaranteed delivery date ensures that companies won’t wrack up the hefty fees associated with late deliveries.
About Flock Freight
Flock Freight, the only hubless business-to-business freight logistics company, is transforming the freight industry. With its proprietary pooling technology and algorithms, Flock Freight eliminates terminals and optimizes underutilized supply. Founded in 2015, the company works at the intersection of cutting-edge technology and human-centric logistics, prioritizing exceptional service and affordability for the shipper and increased revenue potential for carriers. Backed by SignalFire, GLP, Google Ventures, and several other leaders in the digital supply chain transformation, Flock Freight (formerly AuptiX) is headquartered in Solana Beach, CA.
View original content to download multimedia: http://www.prnewswire.com/news-releases/flock-freight-announces-50m-series-b-funding-round-to-disrupt-the-freight-logistics-industry-301010757.html
SOURCE Flock Freight