Flock Freight, the only hubless business-to-business freight logistics company, announced a $50 million Series B funding round led by SignalFire and GLP Capital Partners.
"Flock Freight is pioneering the hubless shipping market, benefiting both the shipper and the carrier," says Oren Zaslansky, founder and CEO 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."
With this funding round, Flock Freight will expand FlockDirect, its hubless pooling product that utilizes proprietary algorithms to pool multiple less-than-truckload (LTL) and partial-truckload (PTL) freight shipments, so they can be shipped via full truckload service into a mid-market and enterprise-level solution for businesses nationwide. 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.
Flock Freight's technology solution, FlockDirect, is revolutionizing the traditional freight logistics model by:
- Eliminating terminals, freight arrives untouched from pickup to delivery, resulting in less than 0.001% damage claims.
- Pooling freight, FlockDirect eliminates the need to switch trucks or stop at warehouses, optimizing the route, thus reducing fuel emissions up to 40%.
- Guaranteeing the delivery date to create a predictable shipping schedule for customers, Flock Freight provides an on-time delivery rate of 97.5%.
"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," says 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," says 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."