Cargo Chief Raises $2.5M to Digitalize the $80Bn 3PL Segment of the Trucking Market
Cargo Chief Raises $2.5M to Digitalize the $80Bn 3PL Segment of the Trucking Market
MILLBRAE, Calif., Jan. 25, 2019 /PRNewswire-PRWeb/ -- Cargo Chief today announced that it has raised over $2.5 Million to develop, launch and enhance its C4® carrier integration platform, which helps 3PLs (third-party logistics providers) digitally match freight loads for their shipper customers to overlooked trucking capacity. Cargo Chief's C4 platform provides new visibility within the 3PL's carrier network to find current—and future—capacity available for a load, and then provides options for booking the load on the spot. Additionally, C4 provides the option for 3PLs to access Cargo Chief's own network of thousands of integrated carriers, providing consistent shipping options for their customers.
This financing was led by BootstrapLabs, a leading venture capital firm focusing on applied AI and is based in San Francisco. Industry leader Herb Shear, who lead and grew 3PL Genco to over 10,000 employees and $1.5 billion in revenue before he arranged its sale to FedEx joined other industry veterans in participating in the round.
BootstrapLabs Co-Founder Ben Levy and Herb Shear are joined on the Board of Directors by well-known and highly successful SaaS investor David Brown. "Cargo Chief and its investors are excited about helping the 3PL industry, that domestically buys over $80 billion of trucking services, purchase these services more effectively and efficiently to the benefit of both the 3PL and any one of the hundreds of thousands of trucking carriers," said Russell Jones, founder and Chief Executive Officer, Cargo Chief. "Cargo Chief's C4 is matching loads with trucks, and then helps execute the booking of such a transaction, generating significant gains in revenue for 3PLs and productivity for all."
Ben Levy added, "People have attempted to disrupt the trucking industry in the United States for the last 20 years, but it has remained extremely complex and fragmented. Most startups have failed to make a significant dent in the market and the few digital innovations that seem to have taken hold look more like a version of Craigslist for loads. Massive amounts of information exist, but it is unstructured, siloed, and most actors are not digitally confident yet. BootstrapLabs believes that the recent advances in Artificial Intelligence have finally reached a tipping point and we are now capable of abstracting complexity, surfacing valuable (mostly hidden or hard to find) information and patterns that can be made actionable, at scale. This should help solve some of the most complex issues that have plagued the digitalization of the industry and in this Cargo Chief is leading the way."
About Cargo Chief
Cargo Chief unlocks hidden carrier capacity for 3PLs by leveraging patented, award-winning technology created by the combination of Silicon Valley ingenuity and deep freight industry expertise and relationships. Cargo Chief enables 3PLs to enhance their service and profitability by matching, booking and managing loads with their existing carriers more efficiently and effectively. Please visit http://www.CargoChief.com.
Media Inquiries:
Russell Jones
RJones(at)CargoChief.com
SOURCE Cargo Chief
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