FreightWaves, a Chattanooga, TN-based provider of data and news for global freight markets, raised $20m in Series B financing round.
The round, which brought total funding to nearly $40m, was led by 8VC, with participation from Fontinalis Ventures, Pritzker Group Venture Capital, Ascend Venture Capital, Story Ventures, Engage Ventures and Kelvin Beachum.
The company intends to use the funds to expand data and transparency products beyond trucking to include global air, rail, maritime, port, and warehousing.
Led by Craig Fuller, founder and CEO, FreightWaves is a data and content company that provides market participants with near-time analytics on the state of the freight market and tools that provide actionable outcomes.
The company has partnered with some of the largest and most important data providers in the freight marketplace, aggregating hundreds of sources and representing billions of individual data points. It uses this information to understand and model near-time changes and impacts to the freight market, giving us an understanding of how things like weather, economic activity, technology, and regulations change the freight markets.
FreightWaves also prepares market indices, geo heat-maps, and barometers that “map the freight market,” allowing participants to understand how the market will impact them. These “market maps”, indices, commentary, and analytics will soon be available for freight market participants and financial speculators on the SONAR platform. It also has developed technical and markets forums for the freight industry, market and technical education, thought leadership, standards, and certifications for the freight market, through the BiTA platform. Last, the company is working to provide hedging and risk management tools in the form of listed futures contracts that can help participants mitigate their exposure to the volatility of U.S. trucking spot prices.