• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, June 23, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Logistics Company, Flock Freight bags $113.5 million funding from SoftBank Group and others

by Chhavideep Singh
December 2, 2020
in Business, Startups
Reading Time: 2 mins read
0
Logistics Company, Flock Freight bags $113.5 million funding from SoftBank Group and others
TwitterWhatsappLinkedin

Flock Freight is a US-based logistics company that leverages technology and uses a unique algorithm for an efficient pooling system which allows LTL (Less-than-Truckload) shippers to adjust their shipment in one fully capacitated truckload.

You might also like

PhonePe Eyes $1.5 Bn IPO at $15 Bn Valuation

Bill Gates Meets Linux Creator Linus Torvalds in Landmark Tech Industry Moment

Ola’s New Subscription Model in Maharashtra Could Set National Trend, Says SEBI Analyst

In its latest funding round, the logistics company received funding worth USD 113.5 million from SoftBank Group Corporation’s Vision Fund 2 and other investors. The funding round concluded the company’s valuation at $500 million.

Flock Freight
Source: www.flockfreight.com

According to the logistics company, there is a wide gap in the logistics market where ‘hub-and-spoke’ trucking system prevails as the main operating style. In this system, several trucks shuttle goods and products through intermediary locations where the truck is less than fully loaded with freight. The company mentions that this segment of the market is worth USD 40 billion annually, according to BloombergQuint.

Flock Freight aims to change the way logistics work around the country by segmenting and collecting the traditionally fragmented trucking system. Identifying products going to the same location can be filled in one fully loaded truck, this will save fuel cost and cut down on harmful emissions which is literally the goal of the entire planet.

Company’s CEO, Oren Zaslanksy claims that if the United States switched to his share truckload system, the country can save over 5 billion gallons of fuel in a year. Also, this system would eliminate the truck stopping, unloading and reloading shipments to another carrier which will save a significant amount of time, energy and effort. He further advocates his statement by saying that this system is more efficient and will eliminate the risk of shipments getting lost or damaged during repeated unloading and reloading.

According to sources, this method of shared loading is smart and efficient but it presents some major technological and mathematical challenges which were never encountered in the years-old traditional trucking logistics. For this specific reason, Flock Freight turned their heads towards hiring technical employees who can learn, adapt and improvise of anything goes unplanned during transport.

Flock Freight
Source: Coverager

Technology is always a challenge and the logistics company, trying to change traditional ways encountered the same during their initial days when a single pairing of fright from different locations took eight hours for Flock’s computers. Having said that, things have advanced and now, the same pairing takes only a few seconds, a blink of an eye if one may say.

Flock Freight’s existing investors include Google’s parent company- Alphabet Inc., SignalFire, Volvo Group Venture Capital etc.

The company is however certified and has a defined vision and mission to create a positive impact on society.

 

 

Tags: Flock Freightfunding
Tweet54SendShare15
Previous Post

Facebook Inc. acquires CRM platform, Kustomer for $1 Billion

Next Post

US-based security start-up, Helia bags $3 million from multiple investors

Chhavideep Singh

Hi! I'm Chhavideep, If you like reading about technology, business and start-ups, you've come to the right place. Catch me: [email protected]

Recommended For You

PhonePe Eyes $1.5 Bn IPO at $15 Bn Valuation

by Ishaan Negi
June 23, 2025
0
PhonePe Raises $850 Million in Funding Round as Walmart’s Stake Drops

Walmart Inc.'s financial gem, PhonePe, is getting ready for a huge expansion. According to reports, the firm, which is the biggest digital payments network in India, intends to...

Read more

Bill Gates Meets Linux Creator Linus Torvalds in Landmark Tech Industry Moment

by Rounak Majumdar
June 23, 2025
0
Bill Gates Meets Linux Creator Linus Torvalds in Landmark Tech Industry Moment

In a moment that captured the collective imagination of the tech world, Bill Gates, the co-founder of Microsoft, and Linus Torvalds, the creator of Linux, met face-to-face for...

Read more

Ola’s New Subscription Model in Maharashtra Could Set National Trend, Says SEBI Analyst

by Rounak Majumdar
June 23, 2025
0
Ola’s New Subscription Model in Maharashtra Could Set National Trend, Says SEBI Analyst

Ola, one of India’s leading mobility platforms, has made a significant move by introducing a subscription-based, zero-commission model for drivers in Maharashtra. This strategic shift, which allows drivers...

Read more
Next Post
US-based security start-up, Helia bags $3 million from multiple investors

US-based security start-up, Helia bags $3 million from multiple investors

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?