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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.
VC funding in freight tech dries up in 2023 after massive investments during the pandemic period of 2020-2021.
The logistics industry underwent a dynamic shift, with funding for startups surging and contracting quickly. A post from Tim Higham, CEO of AscendTMS, takes a look into the recent funding history:
While challenging times lie ahead, industry insiders remain cautiously optimistic. Supply chain disruptions persist, prompting 77% of senior supply chain executives to invest in visibility. Plus, with e-commerce predicted to grow by 50% over the next four years, there's hope for the future of freight tech.
Sources: LinkedIn | McKinsey | FreightWaves
As freight slowed starting ~ Mar 2022 we reduced our team by 50% over the next 12 months, culminating in a major service tech/team release in Q1'23. Our costs got much lower and our service better...we had inbound interest so we didn't cut further or pivot. We did expect the…
— Dan Lewis (@daniellewis) October 23, 2023
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