Plus, a Chicago-based freight broker boasts about making $215k in one day, Lineage Logistics hits it big with an $18 billion IPO, the latest on the Ocean's 11-style freight heist, and more.
We took the opportunity to ask our Instagram followers about their best days as freight brokers. Here are some of their responses...
Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
FreightTech sector maintains investor interest as Cart.com, Nuvocargo, and Cargobot secure $102 million in collective funding for expansion and innovation.
Cart.com Reaches Unicorn Status
E-commerce platform Cart.com has become a unicorn following a $60 million Series C funding round. This raises the company's valuation to $1.2 billion. The funds will be utilized to meet increasing demand from B2B and enterprise clients, speed up product development, and fuel international expansion.
Nuvocargo and CargoBot Secure Funding
Meanwhile, supply chain-focused startups Nuvocargo and CargoBot have secured $36.5 million and $6 million in funding, respectively. While the venture capital market has been challenging for some tech sectors, logistics and freight companies continue to attract investments.
Nuvocargo to Expand Operations
Nuvocargo, a digital logistics platform, announced that it will use its new funds to expand its services to all major US-Mexico border crossings. The company aims to capitalize on the increasing demand from shippers and carriers in the region, expanding its presence beyond its current focus on Laredo, Texas.
Cargobot's Growth Plans
Miami-based Cargobot raised $6 million in a Series A funding round, which the company will use to broaden its product and solution offerings for shippers and carriers. Cargobot is an international digital freight company that connects shippers and carriers via its data-driven platform. With the new funding, it plans to further develop its business units, aiming to provide more solutions for the freight industry.
Source: FreightWaves
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