FreightWaves, a US-based operator of a data and news platform for freight markets backed by media group Hearst and property developer Prologis, on Friday revealed it raised $37m across two rounds.
Kayne Partners Fund, the growth equity arm of investment management firm Kayne Anderson Capital Advisors, provided $30m for the second round. FreightWaves began raising the rounds in April this year, but has not disclosed further details.
FreightWaves has built an online data analytics and news platform to help clients in the logistics industry understand the impact of weather, economic changes, new technology and regulations on the sector.
The company additionally operates a video streaming platform with 12 weekly shows covering news, sales and marketing, and trends as well as offering insight from executives. It also produces podcasts and has a partnership with satellite radio company Sirius XM Radio.
The $37m in funding will be used to drive strategic and sustainable growth. Nishita Cumings, managing partner and co-head of growth equity at Kayne Partners Fund, will join the board of directors.
FreightWaves raised $20m in a series B round featuring Hearst and Prologis, which invested through respective corporate venturing divisions Hearst Ventures and Prologis Ventures, in February 2019.
The series B round was led by 8VC and further included Pritzker Group Venture Capital, Fontinalis Ventures, Ascend Venture Capital, Story Ventures, Engage Ventures, Revolution and American football player Kelvin Beachum.
8VC already led a $13m series A round in mid-2018 that featured Fontinalis Partners, Story Ventures, Pritzker Group Venture Capital, Revolution’s Rise of the Rest Seed Fund.
Fontinalis Partners, Revolution, Engage Venture and Story Ventures had earlier injected $5.4m in seed funding.
