Startup Cargo Chief gets $10m in funding

The technology provider is aiming to provide shippers with a Kayak.com-like platform to procure capacity and track shipments for truck freight transportation.    The transportation procurement technology startup Cargo Chief has secured $10 million in backing from three equity groups.
   Cargo Chief, which is designed to allow users to search for freight transportation capacity and rates in the vein of Kayak.com, aggregates trucking capacity from a network of more than 500,000 available trucks. The aim of the site is to locate “hard-to-source load capacity” for shippers.
   “Once a load is picked up, the Cargo Locate service provides real-time, 24/7 on-map location tracking, with accurate updates on delivery status or any potential shipment issues,” the company said in a statement. “Before each Cargo Chief shipment is dispatched, the Cargo Safe service automatically verifies the carrier for safety rating and authority and then confirms the carrier’s cargo and accident insurance.”
   Cargo Chief Chief Executive Officer Russell Jones’ shipping experiences as CEO of ClearVox Communications, an electronics manufacturer, helped shape the idea for the company.
   “We couldn’t shop freight buys without spending a significant amount of time,” said Jones. “We were told on some days there were no trucks available when we knew there were, and most importantly, a truck would leave our warehouse in San Jose for Best Buy — our most visible customer — but we had no idea where the truck was or when it would get there.”
   Jones said this round of funding “will accelerate the continued development of our intelligent platform and bolster our sales and marketing, while also supporting our new offices in the Midwest.”
   The companies behind the funding are Walden Venture Capital, Hunt Technology Ventures and the GrowthX Fund.