The platform, which allows shippers to compare rates and services among 500 freight forwarders, will use a $10 million investment to expand operations and functions.
The online international shipping marketplace Fleet on Wednesday said it has secured a $10 million series A round of funding, headed by investment from Lufthansa Cargo.
Fleet provides a platform for shippers to compare rates and service levels among participating freight forwarders and solicit bids from those service providers.
The company said it has 500 forwarders offering quotes on the marketplace, and the shipping spend that processed through its platform having grown sevenfold over the past year.
Lufthansa Cargo will join Fleet’s board of directors as part of the investment.
The series A round brings the total funding in the company to $14 million.
Fleet said the investment will be used to expand its team in Portland, Ore., increase features and functionality of its product, and focus on business development.
“Lufthansa Cargo brings strategic industry experience and joins Fleet not only as an investor, but also as a board member, and soon as a partner to help launch our new air freight platform,” said Max Lock, chief executive officer of Fleet. “This new funding enables Fleet to accelerate our platform and bring new features and functionality to enhance our customers’ experience.”
Lock founded Fleet in 2014 after discovering as a shipper of ice cream and packaging products how difficult it was to reliably compare forwarders and secure competitive rates for international transportation and related documentation. The site started as a place where shippers could rate forwarders, but evolved to handle bids and quotes, and now encompasses options to select ocean carriers, airlines, trucking companies and warehouses.
“For a typical medium-sized shipper (a business that ships from five to 100 or more shipments per month), Fleet helps save up to $30,000 and 800 hours annually by reducing the time spent getting quotes, setting up accounts, managing paperwork and checking on the shipment status,” the company said.
Other investors in the series A round include Hunt Technology Ventures, UPS, and 1517 Fund.
Lufthansa Cargo among investors in forwarding marketplace Fleet
