- General
- December 1, 2020
- 4 minutes read
SoftBank Backs Flock Freight
The SoftBank Vision Fund is leading a new funding round of $113.5 million for the Solana Beach, California-based digital freight…
The SoftBank Vision Fund is leading a new funding round of $113.5 million for the Solana Beach, California-based digital freight forwarder Flock Freight at a reported $500 million valuation. The round marks the biggest single round raised by Flock Freight since its inception and now brings the total amount of funding raised by the startup to nearly $200 million.
Flock Freight is a digital freight platform that links up customers looking to move their goods with trucking providers signed up on its platform. It’s similar to the many digital freight platforms that have emerged in recent years, including the likes of Uber Freight, Convoy, Next Trucking, and Loadsmart which itself recently raised a $90 million round led by the asset management firm BlackRock.
Flock Freight was formerly known as AuptiX before it rebranded to its current name. Previous investors in the company include Alphabet’s GV, SignalFire, and GLP.
With the new funding, Flock Freight will work to scale its operations. Under the terms of the funding, SoftBank partner Ervin Tu will take a board seat at Flock Freight, whereas Tu has made a name as the SoftBank Vision Fund’s go-to partner for logistics investments.
As a SoftBank partner, Ervin Tu has led investments in logistics-oriented companies including the car-sharing platform Getaround, delivery app GoPuff, e-commerce fulfillment provider ShipBob, and Uber’s Advanced Technologies Group.
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