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Logistics tech firm Flock Freight turns unicorn after SoftBank-led funding

Reuters
·1-min read
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo

(Reuters) - U.S. logistics technology firm Flock Freight said on Wednesday it had reached a valuation of more than $1 billion, after raising $215 million in a funding round led by SoftBank Vision Fund 2.

New and existing investors including Susquehanna Private Equity Investments, Eden Global Partners, SignalFire and Alphabet Inc's GV also participated in the funding round, the company said.

Flock Freight, founded in 2015 by Chief Executive Officer Oren Zaslansky, helps freight carriers fill up trucks with goods from different companies, removing the need for terminals.

The company said it would use the latest infusion of funds to invest in its truckload technology, and expand existing operations and hire more employees.

Flock Fright plans to open a new office in Chicago later this year.

(Reporting by Manya Saini in Bengaluru; Editing by Ramakrishnan M.)