Volvo Group Venture Capital AB has invested in Flock Freight, Solana Beach, Calif.-based technology company that pools shipments to fill unused trailer space. Flock Freight uses algorithms to match multiple LTL shipments – less than a truckload – into one shared truckload that eliminates all terminals and hubs, improving quality and efficiency.
“We look for start-ups that are building the future with technological developments that will transform the transport industry,” said Martin Witt, vice president and head of Volvo Group Venture Capital. “We believe that Flock Freight’s business model and technology will play an important part in the future of freight transport on the road.”
Flock Freight allows shippers to move LTL shipments more efficiently and damage-free. It reduces the number of times shipments are handled by avoiding hubs and enables carriers to fill unused trailer space in their FTL shipments. The shared truckload solution eliminates the need for terminals and cuts freight-related carbon emissions.
“Flock Freight can provide the Volvo Group with further insights into optimizing road haulage,” said Dan Tram, investment director of Volvo Group Venture Capital. “Together we can offer our operators and our operators’ customers additional services.”