25 February 2020:
Flock Freight has raised $50 million in series B round of funding. The funding round was led by SignalFire and GLP Capital Partners.
The company will use the fresh capital to expand FlockDirect. The company 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, the company said in a statement.
Oren Zaslansky, chief executive officer and founder of Flock Freight, said, “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.”
Chris Farmer, founder and chief executive officer of SignalFire, said, “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.”
Alan Yang, Chief Executive Officer, GLP Capital Partners, said, “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.”
(Image – Flock Freight)