What FreightWaves Does and Ongoing Growth
Media and tech startup FreightWaves offers several different solutions to business owners within the logistics industry. While the company does provide D2B (direct to business) products, FreightWaves is most notable for providing companies with information about the freight market through insights into the global supply chain. Additionally, the logistics platform provides real-time data to help support business owners within the industry. Outside of detailed information, the tech startup offers business owners a forecasting platform called FreightWaves SONAR.
FreightWaves SONAR provides data analytics with predictive analysis to help a logistics company stay ahead of any possible issues that may arise and help it save money in the process. The logistics platform was eventually expanded upon to create FreightWaves Carbon Intelligence. The sustainability platform from the tech startup allows users to see the cost, efficiency, and carbon impact of their transportation networks. From there, the carbon intelligence technology recommends to logistics companies how to maximize efficiency and lower carbon emissions through better routes and specific carbon offset purchases.
The sustainability platform continually benefits from the work being done at FreightWaves SONAR. With so much data being collected across both platforms, the tech startup can build specific algorithms to improve its carbon footprint measurements and come up with solutions toward decarbonization.
The tech startup has seen an impressive boom in popularity across all portions of its business over the last year. In fact, the company saw an 80% growth in revenue during the first quarter of the year in comparison to that of 2020. The media portion of business grew even larger with a 130% expansion from the year before. The site now garners more than 4.5 million unique visitors every month.
FreightWaves Funding and Future Plans
In the latest funding round, the tech startup raised $16 million in capital. The funding round was led by Triangle Peak Partners with participation from 8VC, Hearst Ventures, Prologis Ventures, Rise of the Rest fund, Fontinalis, and Kayne Partners. The funding will go directly toward supporting FreightWaves’s sustainability platform, expanding its product, and improving on its technology.
When commenting on the latest funding for the sustainability platform, founder and CEO of FreightWaves Craig Fuller said, “We’ve received very strong interest in our Carbon Intelligence platform and customers are actively involved in developing the road map for the offering. There is a major need in the market for carbon emission transparency and solutions that can help companies actively mitigate their carbon footprint. With FCI, supply chain managers are able to benchmark, analyze, monitor and forecast their Scope 3 emissions.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.