TRUCKING "SPOT MARKET" * USA - Reducing inefficiencies
* California - Logistics startup FR8 Revolution raises up to $8.5MM Series A funding
FR8 Revolution, Inc., a Silicon Valley-based startup that develops free cloud-based tools to improve efficiency in the $700B US freight trucking market, today announced that it has raised up to $8.5MM from German company MAN Truck & Bus AG, a Volkswagen Truck & Bus subsidiary and leading global supplier of commercial vehicles and transport solutions. The Series A round brings the total investment in FR8 Revolution to nearly $10MM and will help the company scale its operations and product development, allowing it to expand deeper into the networked transportation sector... Freight transportation in the United States is a major industry with every truck fleet or “carrier” seeking to optimize its routes to avoid backhauling empty trucks. Few carriers today have adequate tools to effectively manage their excess capacity. As a result, most available capacity is sold to shippers through a network of 12,000 freight brokers. This secondary market, known as the “Spot Market,” accounts for a seventh of the total freight trucking market or roughly $100B. Coordination between brokers and carriers typically occurs by phone, email and fax creating a fragmented, inefficient, and opaque marketplace, in which it is difficult for carriers to fully utilize their trucks and shippers to compare prices and get consistent fees... Founded in 2015, FR8 Revolution builds smart, data-driven, cloud-based tools aimed at reducing inefficiencies in the $700B US trucking market that result in lost revenue, more pollution and traffic, and poor working conditions for the millions of drivers it employs...
Sillicon Valley, CAL, USA - Broadway World - May 30. 2016