OAKLAND, Dec 1 (Reuters) – Logistics technology firm Flock Freight on Tuesday said it raised $113.5 million in a funding round led by SoftBank Vision Fund 2, making it the fund’s third transportation and logistics technology investment since its launch last year.
Flock Freight’s technology uses an algorithm to help freight carriers fill up trucks with goods from different companies, ordered for direct delivery.
In that way, carriers can avoid logistic hubs where often goods are sorted and reloaded for delivery – a process prone to delays and damage, said Oren Zaslansky, chief executive officer and founder of Flock Freight.
Zaslansky said the new funds raised would be used to hire experts in operations research and applied mathematics. He said Flock Freight is able to charge at least 10% more than traditional carriers as its service cuts delays and damage.
The company, which has raised $184 million raised to date, declined to disclose its overall valuation. Zaslansky said revenue quadrupled this year but did not give an absolute figure.
In addition to SoftBank, existing investors SignalFire, GLP Capital Partners, Google Ventures and strategic partner Volvo Group Venture Capital invested as well. (Reporting By Jane Lanhee Lee; Editing by Kenneth Maxwell)