Flock Freight, a Solona Beach, Calif.-based digital logistics provider that offers a shared truckload shipping solution for businesses, raised $113.5m in Series C financing.
The round was led by Softbank Vision Fund 2, with participation from existing investors SignalFire, GLP Capital Partners, and GV and new investor Volvo Group Venture Capital. In conjunction with the funding, Ervin Tu, Managing Partner at SoftBank Investment Advisers, will join Flock Freight’s board.
The company intends to use the funds to accelerate developments for its algorithmic pooling technology.
Led by Oren Zaslansky, chief executive officer and founder, Flock Freight is a B Corp which leverages proprietary technology and relationship-driven service to pool shipments that are going the same direction onto one truck. Its shared truckload solution, FlockDirect, allows several LTL shippers to share trailer space in one multi-stop full truckload. The company’s patent-pending algorithms propose shared truckloads for a handful of LTL shipments that are going the same direction, optimizing transit routes based on first-in, last-out loading constraints, and moving multiple loads on one truck.