- Flock Freight — a hubless business-to-business freight logistics company — announced it raised $50 million in Series B funding round led by SignalFire and GLP Capital Partners
Flock Freight — a hubless business-to-business freight logistics company — announced it raised $50 million in Series B funding round led by SignalFire and GLP Capital Partners. And Flock Freight plans to expand FlockDirect with this funding round, which is the company’s hubless pooling product that utilizes proprietary algorithms to pool multiple less-than-truckload (LTL) and partial-truckload (PTL) freight shipments so that it can be shipped via full truckload service into a mid-market and enterprise-level solution for businesses across the country.
And Flock Freight plans to redefine the archaic 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.
Essentially, Flock Freight is transforming the $65 billion freight industry with its proprietary algorithms that ensure efficient and affordable shipping from coast to coast. And 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. Plus 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 sized company ranging 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. And 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.
Key Quotes:
“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.”
“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.”
