Logistics technology provider Cargo Chief Inc. said today that it has raised additional capital in its latest fundraising round, and will be expanding its team and introducing additional services for its trucking capacity sourcing tool for freight brokers.
Terms of the deal were not disclosed.
Millbrae, Calif.-based Cargo Chief also said it had named industry veteran Bob Voltmann as an advisor to its board of directors. Voltmann led third party logistics provider (3PL) trade group the Transportation Intermediaries Association (TIA) for 20 years as CEO, announcing in June that he plans to step down at the end of September.
“Cargo Chief really helps traditional freight brokers with technology and data to democratize any technology advantage that mega brokers may have,” Voltmann said in a release. “I’m excited to help a leading vendor that is providing technology that will enable thousands of brokerages to be more efficient and competitive.”
Cargo Chief produces a carrier management and sourcing platform called C4 that it says enables 3PLs to buy trucking capacity more effectively and efficiently. That platform landed a new user this week when Cargo Chief said Massachusetts-based drayage company RoadOne IntermodaLogistics Inc. had adopted a new C4 feature called “Projects,” enabling their carrier and development teams to work together to discover new load opportunities.
“As the impacts of Covid-19 pushed through the logistics industry, we started to notice an uptick in usage around our Projects feature. After a few iterations, we were able to deliver a tool that focuses on the problem that every company faces, how to solve for lost volume and revenue,” Chris Arredondo, co-founder at Cargo Chief, said in a release. “Having a platform that lets you take ownership of all load opportunities not only helps drive revenue, but also gives you the tools to sell to carriers year round as most brokerages do with customers.”