GoFreight Inc. has raised $23 million in series A funding, co-led by Flex Capital and Headline with participation from LFX Venture Partners, Palm Drive Capital, and existing investors including Santa Monica-based Mucker Capital, Cornerstone Ventures and Red Building Capital.
The Santa Monica-based software development company, which announced the funding earlier this month, 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,” Trenton Chen, chief executive and founder of GoFreight, said in a statement. “This will help freight forwarders grow their businesses by providing a more frictionless experience to 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 applications designed to lessen the burden placed on forwarders to manage their customers’ manual requests for information related to shipments and containers. A freight forwarder is someone who manages all things between when a shipment leaves its original location to when it arrives to its destination. Using the company’s cloud-based software, customers can manage the transportation of goods with features for freight forwarders that helps them track shipments.
“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,” Chen continued.
