Chattanooga, Tenn. based FreightWaves closed on its strategic Series B funding round. The startup provides real-time data and news for trucking companies worldwide.
This funding round was lead by 8VC, who participated in FreightWave’s previous funding rounds. Other returning investors are Pritzker Group, Rise of the Rest Seed Fund, Ascend Venture Capital, Engage Ventures, Story Ventures, Frontinalis Ventures, and New York Jets offensive tackle Kelvin Beachum.
Joining the existing group of investors in the Series B funding round are Hearst Ventures, Prologis Ventures, and Bob Corker, the former Tennessee senator.
“This round was entirely opportunistic and was initiated because we had a great deal of strategic interest from very important partners,” said Craig Fuller, founder and CEO of FreightWaves, in a statement. “Our cash position was very healthy before the round, boosted by the growth of our operating cash flow due to the performance of the business over the past year.”
FreightWaves serves as a clearinghouse of information and data for the trucking industry, with everything from weather to traffic to freight haulage data available from its platform, SONAR. With this funding, the start-up plans to expand its data and transparency beyond trucking to include global air, rail, sea and warehousing.
The platform combines fundamental data from hundreds of unique sources and creates machine learning-powered indices that are actionable for the freight industry customers FreightWaves serves. SONAR offers a trove of current data and provides a market dashboard that includes technical charting, heat/geo maps, watchlists, data visualization and modeling tools. Most data is less than a day old. The company has a media presence as well, a satellite radio program on the freight industry now online and similarly themed live streaming video on tap.
“Our SONAR SaaS product continues to grow at monthly double-digit rates as clients experience the value of fast data and increasing visibility into the transportation and freight markets,” said Fuller.
FreghtWaves has so far raised $40 million in funding since it was formed in 2017.
Image credit: Rene Rauschenberger (PixaBay)