FR8 Revolution, a startup company that develops cloud-based tools for the trucking industry, has raised $8.5 million from German truck manufacturer MAN Truck & Bus AG, the company has announced.
With this latest round of funding, FR8 has raised nearly $10 million total, which the company said will allow it to scale operations and product development to expand into the transportation sector.
FR8 Revolution’s product is an online tool for matching brokers and carriers in the secondary spot-freight market.
“What FR8 Revolution is doing is providing the entire ecosystem with a real-time transparent platform to help carriers fill their trucks, shippers see actual capacity and drivers gain some control over their lives,” said Matthew Kropp, CEO of FR8 Revolution. “We are digitizing a market ripe for disruption and today’s investment and partnership by Volkswagen-MAN will help us accelerate this vision.”
FR8 Revolution is currently in Beta with a planned launch this summer for its open platform. The platform will be available online for both desktop and mobile devices and integrates with a variety of carrier systems, according to FR8.
FR8 Revolution was founded in 2015 to build smart, data-driven, cloud-based tools aimed at reducing inefficiencies in the trucking industry that result in lost revenue, more pollution and traffic, and working conditions for drivers.
Based in Munich, MAN Truck & Bus is an international supplier of commercial vehicles with production plants in in Germany, Austria, Poland, Russia, South Africa, India and Turkey. The truck builder is a component of Volkswagen’s global truck group.