Amazon just became a direct rival to the biggest names in parcel, freight, and 3PL services. Plus: shippers are paying a lot more, your carrier check may be passing thieves through, a $4M cargo theft recovery shows what's possible, and more.
"I think this is just one more way that you can go about finding quality capacity to better run your operation.”
A 20-year veteran of the freight industry, with 60k TikTok followers, argued that small carriers can't survive without brokers. Plus: the FBI's PSA, Steam Logistics sues two of its own, Ohio Turnpike comes for 315 carriers, and more.
Transfix secures $40M Series F at a 60% down round, from $940M to $376M valuation.
Transfix, a digital freight platform analogous to Convoy, raised $40 million in a Series F funding round. Intriguingly, this announcement coincided with Convoy's abrupt decision to shut down operations. Earlier in July, FreightWaves had hinted at Transfix's intent to fundraise, making this Series F, a round quite deep into a startup's lifecycle.
There's a note of caution in Transfix's story: a 60% devaluation from their $940 million worth in March 2020 to a current $376 million. This drastic shift underscores the instability within the venture capital and freight markets.
Interestingly, Transfix was on track to go public through a SPAC deal last year, but the arrangement ultimately fell apart.
For the most part, anything after C is a down round and a very ominous sign.
— FreightBrokerGuy (@FreightBrkrGuy) October 19, 2023
The investment landscape's volatility has sparked debates on social platforms like X, with users expressing apprehensions about such "down rounds."
Source: FreightWaves, X
Learn how freight brokers can source vetted carriers faster using real lane activity, invoice-backed rate intelligence, and proactive fraud monitoring through OTR Select
Plus, STG's path out of bankruptcy, Wyoming's "Truck Around and Find Out" operation, what "phantom capacity" means for Mexico lanes, and more in today's newsletter.
Plus, the offshore dispatchers your safety score can't catch, why Hormuz stays closed even after the war ends, what Triumph Financial's invoice volumes say about where freight is headed, and more.
Plus, USPS gives non-domiciled CDL carriers an 11-day deadline, the spot-to-contract spread starts squeezing 3PLs, Knight-Swift trims its Q1 guide but stays bullish, and more.
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