FreightWaves, a US-based operator of a data and news platform for freight markets, on Monday collected $20m in a series B round that included media group Hearst and property developer Prologis.
Venture capital firm 8VC led the round, investing alongside Pritzker Group Venture Capital, Fontinalis Ventures, Ascend Venture Capital, Story Ventures, Engage Ventures, Revolution and American football player Kelvin Beachum.
Hearst and Prologis participated in the round through their respective corporate venturing units, Hearts Ventures and Prologis Ventures.
FeightWaves has created an online data analytics and news platform to help participants in the market understand the impact of the weather, economic changes, new technology and regulations on their business.
The company’s Sonar platform uses data from hundreds of sources to provide a dashboard that includes tools for technical charting, heat maps and data visualisation tools.
FreightWaves plans to use the proceeds to expand its data and transparency technology into the global air, rail, maritime, port and warehousing markets.
In June 2018, 8VC led the company’s $13m series A round that included Fontinalis Partners, Story Ventures, Pritzker Group Venture Capital, Revolution’s Rise of the Rest Seed Fund.
That round added to the $5.4m seed funding FreightWaves had previously collected from investors that included Fontinalis Partners, Revolution, Engage Venture and Story Ventures.