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FrieghtWaves, a fast growing trucking tech startup drawing attention for its data analytics and the content platform has closed an oversubscribed Series A funding of $13 million. The funding was led by logistics-focused 8VC with investors including Fontinalis Partners, Story Ventures, Pritzker Group Venture Capital, Revolution’s Rise of the Rest Seed Fund and more.
This makes the company's total funding up to $18.4 million following two previous rounds. FreightWaves began with their core product, SONAR, a SaaS data analytics platform that crunches data from the freight market to provide insights to brokers, carriers, shippers and financial traders on how the market is doing and project future trends.
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FreightWaves is headquartered in Chattanooga, a leading logistics hub city, and won the Rise of the Rest pitch competition held in Chattanooga last month for a $100,000 investment. Following the competition, the Rise of the Rest fund contributed an additional undisclosed amount towards the Series A round.
FreightWaves may look into acquiring companies in the data space. Finally, they are currently working to release their next product, a freight futures contract correlated to North American trucking spot-rates that is first-of-its-kind for the trucking industry, towards the end of 2018.
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