US-based digital freight management service Flock Freight received $215m yesterday in a series D round led by telecommunications and internet group SoftBank’s Vision Fund 2 at a $1bn valuation.
Internet and technology group Alphabet took part in the round through corporate venturing unit GV while logistics property manager GLP participated through its GLP Capital Partners subsidiary.
The round also featured Susquehanna Private Equity Investments, a vehicle for quantitative trading firm Susquehanna International Group, as well as growth equity firm Eden Global Partners and venture capital firm SignalFire.
Flock operates a digital platform for freight deliveries that utilises shared truckloads, combining freight from different shippers into one multi-stop truckload.
The funding will be used to further invest in the company’s patent-pending shared truckload technology, while it expands its team and operations, especially in a Chicago office set to open by the end of this year.
Vision Fund 2 led a $114m series C round for Flock in December 2020 at a $500m post-money valuation. GV also took part in that round, alongside GLP Capital Partners, SignalFire and Volvo Group Venture Capital, the venturing arm of commercial vehicle manufacturer Volvo.
The company had previously secured $50m in a February 2020 series B round co-led by GLP Capital Partners and SignalFire, following $40m in earlier funding from GV, SignalFire, Foundation Capital and Karmel Capital.