Flock Freight announces $50 million Series B round
Flock Freight , “the only hubless business-to-business freight logistics company,” announced a $50 million Series B round led by SignalFire and GLP Capital Partners.
With this funding round, Flock Freight will expand FlockDirect, its hubless pooling product that utilizes “proprietary algorithms” to pool multiple less-than-truckload (and partial-truckload 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.
Founded in 2015, Flock Freight is using technology to reduce damage claims and fuel emissions, while guaranteeing an on-time delivery rate of 97.5%. The company also offers freight insurance to protect shipments beyond the standard amount covered by LTL carriers.
“Flock Freight is pioneering the hubless shipping market, benefiting both the shipper and the carrier. 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.” – Oren Zaslansky, CEO and founder of Flock Freight.
“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, founder and CEO 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. 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.” – Alan Yang, chief executive officer of GLP Capital Partners.
