Volvo Group Venture Capital AB has invested in Flock Freight, a technology company based in Solana Beach, California, that pools shipments to fill unused trailer space. The company uses algorithms to match multiple LTL (less than a truckload) shipments into one shared truckload that eliminates all terminals and hubs, improving quality and efficiency.
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.
We look for start-ups that are building the future with technological developments that will transform the transport industry. We believe that Flock Freight’s business model and technology will play an important part in the future of freight transport on the road.—Martin Witt, Vice President and Head of Volvo Group Venture Capital
In November, Volvo Group Venture Capital AB invested in Adnavem, an online marketplace for freight services. Adnavem offers unbundled door-to-door transport with a present focus on Asia and Northern Europe.
Adnavem, which was founded in 2017 and is based in Gothenburg in Sweden, provides an unbundled service offer where transport buyers can choose the service providers for each part of the logistics chain themselves.
Against the background of the trends shaping the future of transportation and the strategic priorities of the Volvo Group, the key areas of investment for Volvo Group Venture Capital are currently logistics services, site solutions and electrical infrastructure. The organization has a global scope, but focuses on Europe and North America.
The transaction has no significant impact on the Volvo Group’s earnings or financial position.