SoftBank Group Corp.
is doubling down on its bet that technology startups will reshape freight shipping and logistics, a sector that has been an ambitious focal point for the firm.
Through its Vision Fund 2, the Japanese firm led a $113.5 million investment in Flock Freight, a U.S. software startup that offers a service that uses algorithms to match trucks with freight headed in the same direction. The service, intended to optimize trucks’ shipping capacity, is akin to a ride-hailing company’s pooled services that match riders in the same vehicle based on their pickup and drop-off locations.
The deal values Flock Freight at roughly $500 million, according to a person familiar with the matter.
venture-capital arm joined SoftBank in the financing. The Swedish-based company is one of the world’s largest heavy-duty truck manufacturers and is planning to collaborate with the startup and help improve its technology, said