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The freight technology sector, also known as FreightTech, refers to software companies and technologies which assist in supply chain management and the movement of freight. [1] In the five years following 2014, investment in FreightTech companies grew from $118 million to $3 billion per year.
Flexport's software integrates and connects ERP data from various companies involved in a supply chain, which allows them to manage information about cargo and streamline freight processing. [5] As of 2017, it had raised $304M, including $110M in a Series C round .
The platform, which connects airlines, ocean liners, trucking carriers, forwarders, and importers or exporters, facilities over a million annual transactions across 55 carriers. [3] It also provides rate management and quoting software for freight forwarders and carriers through WebCargo by Freightos, a subsidiary acquired in 2016. [4] [5]
By January, 2015, Descartes had posted 41 straight profitable quarters [17] and was supplying logistics software and services to more than 10,000 logistics-centric businesses, such as ground transportation companies, airlines, ocean carriers, freight forwarders, manufacturers, distributors, and retailers.
2003 Acquired Chicago-based customs broker and freight forwarder Osowski, launching Livingston into the U.S. air/sea customs and freight forwarding market. [ 14 ] 2005 Acquired Great Lakes Customs Brokerage, a U.S. northern border customs broker, and its software application business, SouthRanch.
Matt Tillman, a serial tech entrepreneur, had the idea for a freight and logistics platform in 2014, when he tried to book space on a container vessel to ship a truck. He created a reverse auction over email, treating all freight forwarders the same, and realized that the process could be automated.
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