Global Supply Chain Technology Focus

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unlike anything in the industry , helping us reduce costs and optimize operations by providing improved data on freight patterns and potential capacity .”

GenLogs data is available via a web portal or an application programming interface ( API ) that feeds into a freight broker ’ s transportation management system ( TMS ). The product is offered on a subscription basis .

“ We ’ ve never seen logistics software with such strong market demand ,” Burak Cendek , partner at Autotech Ventures , said in the statement . Autotech ’ s other logistics investments include BasicBlock , KlearNow and Newtrul .

GenLogs competes with a variety of truckload visibility providers that generally use data from electronic logging devices ( ELDs ) or cellular positioning from drivers ’ phones .

email : eric . johnson @ spglobal . com

Flexport vet lands funding to build truckload tech for smaller shippers

Portex is aimed at smaller shippers that don ’ t have the budget to invest in enterprise technology . Shutterstock . com

By Eric Johnson

A new truckload freight procurement and management platform started by a veteran of Flexport and Uber has landed a $ 6.3 million early-stage funding round to target small and midsized shippers lacking such technology .

The company , Portex , was founded in 2021 by Brittany Ennix , a former sales executive at Flexport , after she saw shippers struggle to weigh bids from forwarders and freight brokers using emails and spreadsheets .

Portex , which has 10 employees , will use the funding on product development and go-to-market strategy .

“ TMSs are geared toward the biggest companies ... But for SMBs , they ’ re expensive and overkill .”

Ennix told the Journal of Commerce that Portex is designed to be a cost-effective and easy-to-use alternative to transportation management systems ( TMSs ) and procurement tools that are generally beyond the financial reach of small and midsized businesses ( SMBs ).

“ TMSs are geared toward the biggest companies to help them unlock savings and time ,” she said . “ But for SMBs , they ’ re expensive and overkill . The reality is spreadsheets and emails are how they handle it .”

Ennix said freight transport costs can consume as much as 10 % of an SMB ’ s topline revenue , so while the freight savings for a smaller shipper look small relative to that of a multi-billion-dollar shipper , the impacts are big for those smaller companies .

“ The potential gains for SMBs have been underestimated ,” she said .

While there are literally hundreds of standalone TMSs on the market , not to mention proprietary ones offered by freight brokers , most are aimed at the enterprise end of the market , where freight spend and network complexity is high . Those that do target the long tail of shippers tend to offer low-price or free software with limited procurement and management features . Those tools tend to monetize by collecting data from smaller shippers in order to package business intelligence to asset-based carriers or third-party logistics providers .

Ennix , however , is betting that software designed specifically for shippers with smaller freight spend will scratch an itch in the market .

The key to traction is minimizing friction around buying and using the product , she said . Portex currently handles approximately $ 100 million in freight spend across its customers , with the largest customer having about $ 13 million in spending .

The size of the Portex round is an indication that the logistics market is still appealing to early-stage investors after going through the doldrums of 2023 , where global venture investment into logistics dropped more than 90 % from 2021 .

The funding round was led by Footwork , with participation from Cowboy Ventures and existing investors Susa Ventures and Base 10 .

email : eric . johnson @ spglobal . com

38 Journal of Commerce | October 21 , 2024 www . joc . com