GoFreight Raises $23M to Automate Freight Forwarding Workflows and Expand its Team
The Series A funding, co-led by Headline and Flex Capital, will help GoFreight accelerate its product roadmap & scale go-to-market functions for its core FMS Platform and Tracking solutions.
LOS ANGELES, Nov. 22, 2022 /PRNewswire/ -- GoFreight has announced that it raised $23M in Series A funding, co-led by Flex Capital and Headline. The round includes participation from LFX Venture Partners, Palm Drive Capital, and existing investors like LA-based Mucker Capital, Cornerstone Ventures, and Red Building Capital.
GoFreight offers an all-in-one cloud-based software that consolidates the complex and meticulous work of freight forwarders into a single software platform solution. GoFreight's software helps its customers manage the transportation of goods via ocean, air, and land routes with features tailored to freight forwarding. The platform is accessible from any device type, including mobile phones, desktops, and tablets.
"The global freight forwarding industry has grown immensely in the past 10 years but the technology freight forwarders use to run their businesses has not changed," says Trenton Chen, CEO, and Founder of GoFreight. "Many of these companies still use antiquated ERP systems that were developed over 20 years ago. With GoFreight, a freight forwarder sales rep can turn an inquiry into a quotation that can convert into a new job with just a few clicks."
Freight forwarders can win more bids with a dynamic quotations tool and automate their workflows by removing much of the manual data entry and transference. The software helps freight forwarders track shipments with real-time, carrier, EDI-integrated, container-tracking, visibility–close files with integrated payment processing and accounting–and oversee the efficiency and general health of the business with dashboards containing both out-of-the-box and customizable reporting and analytics. GoFreight will use the new capital for further product advancements and team expansion, specifically around research, development, and customer experience.
"We will expand upon the platform to develop products and features like smart quotations, rate management, and purchase order management," says Chen. "This will help freight forwarders grow their businesses by providing a more frictionless experienceto service the freight forwarder's end customers. We believe this is the correct path to truly digitalize the freight forwarding industry, and further help the entire global supply chain become more efficient and resilient."
The Series A funding will also fuel the continued buildout of GoFreight's customers' end-user-facing applications to lessen the burden placed on forwarders to manage their customers' manual requests for information related to shipments and containers. Funding will also be used to expand GoFreight's Product and Customer Experience teams. This funding follows a high-growth year for GoFreight, which saw its sales more than double.
"When GoFreight began, it had one mission in mind: to revolutionize the Freight Forwarding industry with modern tools designed by industry experts," says Chen. "It exists for a customer base that has not seen innovation in their tech stack in the past 30 years."
GoFreight serves its customers by empowering them with state-of-the-art tools and applications in a platform that is easy to implement and boasts a modern user interface for swift adoption. GoFreight's comprehensive analytics suite with prebuilt dashboards and reports can help busy managers easily oversee their business. Further, the platform is designed to connect all freight management features into one easily accessible, centralized location. Its software makes use of EDI integrations with carriers to reduce repetitive data entry, and easily transpose documents into the platform where they can be sent to freight partners and carriers electronically.
"GoFreight's cloud software is transforming the freight forwarding process, a $186 billion segment of logistics that is often overlooked," said Tom Gieselmann, Partner at Headline. "GoFreight's all-in-one software provides greater transparency to freight movement, allowing freight forwarders to better manage their business, which can range anywhere from 0-1500+ users, end-to-end. This versatility makes the product incredibly impactful, and a big reason behind why we've identified them as one of the most promising logistics tech companies on the market."
Freight forwarders that want to try GoFreight are encouraged to sign up for a demo today.
GoFreight is the #1 cloud-based, all-in-one, software for the global freight forwarding industry. It simplifies the complexities of running all aspects of a freight forwarding business into a single platform, including shipment booking, forwarding operations, security filings, real-time visibility, customer-facing applications, accounting, and payment processing. GoFreight has helped numerous freight forwarders increase their revenue by 98%, profit by 178%, and saved 34% fines per shipment on average.
Headline is a global venture capital firm that uses its own technology and international team to discover – and invest in – the world's boldest outliers. Headline is composed of a network of four regionally-focused early-stage funds in the US, Europe, Brazil, and Asia and a Global Venture Growth fund that invests worldwide. Since its founding in 1999, Headline has proudly worked alongside talented founders with global aspirations from Silicon Valley to Sa~o Paulo, Beijing to Berlin. Its portfolio includes category leaders across both B2B and B2C companies.
About Flex Capital
Flex Capital is an early-stage venture capital firm designed for founding software CEOs. Flex is founded by a Battery Ventures alum and repeat founding CEOs who are still running businesses today. They have a combined 40+ years of investing and operating experience from inception to exit. Flex believes the best value-added investors are current operators of technology companies, who can share cutting-edge best practices. Notable current and prior investments include 6Sense, Brightroll, Coinbase, Datavant, Flexport, Liveramp, Marqeta, StockX, Nantic, and many more.
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