Softbank Group Corporation, a Japanese investment management firm in the technology, energy, and financial sectors, is standing proudly behind Flock Freight, the freight industry’s newest unicorn startup.
But what exactly is Flock Freight?
Flock Freight has developed software for “shared truckload” services. Which is basically carpooling, but for shippers. The software allows customers to save costs and pool their goods together. Flock Freight is also working towards reducing carbon emissions, and up to 40% of emissions can be eliminated by using their service.
Flock Freight has recently raised $215 million in the Series D funding round led by Softbank Vision Fund 2. And now, it’s the freight industry’s newest unicorn at a valuation of more than $1 billion. The new funding will be used to help the startup company hire 300 more employees and invest more into its algorithm and machine learning technology.
Who else was involved in Series D? The new investors in the round were: Alphabet Inc.’s GV investment arm, GLP Capital Partners LP and venture-capital firm SignalFire, Susquehanna Private Equity Investments LLLP, and Eden Global Partners LLC.
And this wasn’t Softbank’s first round in the rodeo. In late 2020, Softbank also led Freight Flock’s Series C funding round and raised $113.5 million. That brought the company’s value up to $500 million, and this newest round has brought the valuation up to $1.3 billion! Now, the total funding for the company is at a staggering $399 million.
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