GLP Capital Partners, an investment management vehicle for warehouse manager Global Logistics Properties, co-led a $50m series B round for US-based freight services provider Flock Freight yesterday with venture capital firm SignalFire.
Founded in 2015 as AuptiX, Flock Freight has formed a hubless logistics service that uses pooling technology to utilise unused space and combine several deliveries in a single truck load, meaning stock does not have to be transferred or stored and processed at terminals.
The funding will go to further enhancement of the company’s pooling technology system, FlockDirect, which it plans to offer to businesses as a software product.
Oren Zaslansky, Flock Freight’s founder and CEO, said: “Flock Freight is pioneering the hubless shipping market, benefitting both the shipper and the carrier.
“As we continue to prioritise exceptional service and affordability for shippers and increased revenue potential for carriers, we look forward to expanding FlockDirect and our partnerships with carriers throughout the US.”
The company had raised $40m as of August 2019 when it rebranded, from investors including internet and technology group Alphabet’s GV unit, SignalFire, Foundation Capital and Karmel Capital. It secured $3.2m of that sum in a 2016 round, according to a securities filing.
