FreightWaves, a fast-growing startup drawing attention for its data analytics and content platform, focused on the freight market, has closed an oversubscribed Series A round of $13 million. The round was led by logistics-focused 8VC with participating investors including Fontinalis Partners, Story Ventures, Pritzker Group Venture Capital, Revolution’s Rise of the Rest Seed Fund and more.
This brings 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.
Last year, they also expanded into a content platform of the same name which has rapidly become the most-read freight and trucking-focused publication globally.
“Our core business is tracking the freight market in terms of supply and demand,” founder and CEO Craig Fuller told Hype in an earlier interview. “So our editorial staff will write about what our data tells us is happening in the market.”
Fuller tells Hype that the company saw a $7 million run rate as of May, and he expects to finish out the year doubling that to $13 to $15 million.
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