Freight brokerage Flock Freight on Wednesday landed $60 million in fresh financial backing for its shared truckload (STL) model, saying the new capital will allow it to expand its offerings.
The California company says its load-matching technology automatically finds freight to fill the remaining available space in trucks along their entire route. That shared freight approach allows shippers to move freight as soon as it is ready, enjoy truckload-level service, and only pay for the space they use. Those attributes are especially important as demand for low-cost, efficient, and flexible shipping options rises amidst an extended freight recession and trade war, the firm said.
The “series E” funding round was led by O’Neil Strategic Capital, with participation from Susquehanna Private Equity Investments LLLP, SignalFire, GLP Capital Partners, Bracket Capital, and others.
In conjunction with this funding round, Dean Carlson of Susquehanna Private Equity Investments, LLLP will join Flock Freight’s Board as a Director, alongside Alex Garden of O’Neil Strategic Capital, who joined last year.
With this new funding, Flock said it will continue to deliver STL to more shippers and strategic partners, helping them save money throughout all market cycles. And for carriers, they will develop more ways to haul STL and increase their profits. According to Flock, it is focused on technology enhancements that will make it even easier to do business with them, including initiatives such as new integrations, cargo security measures, and improvements to pooling capabilities.
