Freight's Newest Unicorn: Flock Freight Announces SoftBank Vision Fund 2-Led $215M Series D
Shared truckload freight-shipping company exceeds $1B valuation, plans to expand operations
ENCINITAS, Calif., October 20, 2021-- Flock Freight, a technology company that is reinventing freight shipping with carbon-neutral shared truckload (STL) service, today announced it has raised $215 million in Series D financing, led by SoftBank Vision Fund 2, to continue revolutionizing the way shipments move. The round also included participation from a new minority investor, Susquehanna Private Equity Investments, LLLP (Susquehanna) as well as Eden Global Partners. Existing investors, including SignalFire, GLP Capital Partners, and GV (formerly Google Ventures), all participated in the round.
Flock Freight is now the freight industry's newest unicorn, with a valuation of over $1 billion. The company will use these funds to further invest in its patent-pending shared truckload technology that drives algorithmic freight pooling for more sustainable, efficient shipping. Flock Freight will also continue to expand its talent and operations, especially in the company's new Chicago office that is set to open this year.
"Flock Freight is the only company that offers guaranteed hubless shared truckload service, and this additional investment adds more fuel to our sustained triple-digit growth," said Oren Zaslansky, chief executive officer and founder of Flock Freight. "Our continued partnership with SoftBank, as well as our new relationship with Susquehanna and Eden, enable us to keep leading the freight industry's change towards filling trucks at scale without sacrificing service performance."
Flock Freight's STL solution, FlockDirect, is an alternative to traditional shipping processes, including less-than-truckload (LTL) and truckload (TL). The company uses proprietary technology to pool shipments that are traveling the same direction onto one truck and eliminates the need for terminals. Through this efficiency and a partnership with Carbonfund.org, Flock Freight creates a carbon-neutral shipping experience. Flock Freight is the only service provider to offer carbon-neutral shipping at the point of sale without added cost to shippers. The company has eliminated over 15,000 tons of emissions to date and is on track to exceed its goal of 20,000 tons of CO2e saved in 2021.
"We believe Flock Freight's technology has demonstrated the unprecedented ability to pool shipments in real time, maximize trailer utilization, and reduce waste — while delivering high service quality," said Andrew Straub, Investment Director at SoftBank Investment Advisers. "We are pleased to continue our support of Oren and the Flock Freight team as they aim to reinvent freight shipping."
Dean Carlson of Susquehanna adds, "Susquehanna is confident Flock Freight has the technology and expertise to build the shipping frontier of the future. The company is truly disrupting long-standing shipping processes by leveraging a best-in-class management team and technology that overcomes the complexity of pooling freight."
Flock Freight was named to CNBC's Disruptor 50 list in May 2021 for its work to fundamentally change the way the freight industry operates. Its algorithms optimize shipments for the best possible route so freight never loads or unloads between pickup and delivery, minimizing potential delays and damage. Flock Freight's STL shipments fill trucks to capacity, maximizing carriers' earnings, eliminating unnecessary mileage, and contributing to a more sustainable supply chain.
About Flock Freight
Flock Freight is a Certified B Corporation that's been reinventing freight shipping since 2015. Flock Freight leverages its advanced, first-to-market algorithms that pool shipments and fill trucks at scale to create a new standard of service for shippers and increase revenue for carriers. Flock Freight's shared truckload solution eliminates the need for terminals and is the only carbon-neutral shipping option with all emissions accounted for through carbon offsets supporting freight-related efficiency projects.
Flock Freight is headquartered in Encinitas, CA with an additional office in Chicago, IL.
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