FreightWaves raised $13 million in venture funding
Investment will fuel new hiring, expansion outside U.S., data analytics firm says.
Logistics data and analytics provider FreightWaves has raised $13 million in venture funding and will use the resources to accelerate its hiring and expand into markets outside the U.S., the firm said Tuesday.
The investment round was led by the venture capital firm 8VC, which recently created a $640 million fund dedicated to the logistics field. Additional investments by that fund include the freight tech startups project44, Platform Science, and LoadDocs. Other contributions to FreightWaves' latest funding came from the firms Breakthrough Fuel, Hunt Technology Ventures, and Engage Ventures.
The investment brings total funding for Chattanooga, Tenn.-based FreightWaves to $18.4 million. The firm's products help clients to interpret data, helping them understand and forecast changes in the freight market, FreightWaves says. Those insights can help freight brokers set prices more accurately, carriers improve routing decisions and benchmarking, and shippers project capacity availability, the firm says.
The company also plans to launch a freight futures contracts product in late 2018 that will allow users to trade non-contract, or "spot," truckload rates. In addition, FreightWaves founded the logistics technology trade group Blockchain in Transport Alliance (BiTA), which supports the use of data-sharing software in logistics.
Stocked with the additional capital, FreightWaves plans to expand hiring in its data and analytics division, enter markets outside of the U.S. for its surface transportation analytics products, and delve deeper into predictive analytics elements and dashboard products, FreightWaves CEO Craig Fuller said in an email.
Resources Mentioned In This Article
- Texas food supplier streamlines deliveries with truck-routing software
- UPS' venture capital arm invests in blockchain startup
- Infor lands $1.5 billion investment, prepares to go public by 2020
- Bringg receives $25 million in financing to support growth
- Competition provides glimpse into the future of logistics tech
Join the Discussion
After you comment, click Post. If you're not already logged in, you will be asked to log in or register.
Feedback: What did you think of this article? We'd like to hear from you. DC VELOCITY is committed to accuracy and clarity in the delivery of important and useful logistics and supply chain news and information. If you find anything in DC VELOCITY you feel is inaccurate or warrants further explanation, please ?Subject=Feedback - : FreightWaves raised $13 million in venture funding">contact Chief Editor David Maloney. All comments are eligible for publication in the letters section of DC VELOCITY magazine. Please include you name and the name of the company or organization your work for.