The growing list of bankruptcies in trucking has caught up a significant new participant from the freight tech part of the business: Zuum .
The startup that has been operating since 2021 filed for chapter 11 bankruptcy protection in Federal Bankruptcy Court for the Central District of California Thursday. Zuum is based in Irvine, California.
Zuum’s bankruptcy petition with the court listed assets of $10 million to $50 million and liabilities of the same amount.
The company’s top 20 unsecured creditors lists brokers for 19 of the 20 slots. The largest is Metropolitan Logistics of Shelby, Michigan with an unsecured claim of $303,867. The smallest among the 20 is Ra Logistics of Sterling Heights, Michigan, with an unsecured claim of $139,650.
The one non-broker in the top 20 is Accion Labs Us Inc. of Bridgeville, Pennsylvania. Its unsecured claim is $421,635. That company lists several services it provides, including cloud and platform engineering, as well as data and AI solutions.
ZUUM offers multiple services: a TMS for both shippers and carriers, software for brokers and an app for drivers that connects with its primary product, the Logistics Super Platform.
“These tools enable customers to enhance the efficiency and effectiveness of their logistics operations while automating their transportation networks,” the company says of its offerings on its website. “Our vision is to optimize logistics and streamline supply chains globally by defragmenting the industry.”
Emails sent to Zuum’s portal and to the Zuum attorney listed on bankruptcy documents filed with the court had not been responded to by publication time.
According to the company’s website, Zuum’s latest two financing rounds were $12.58 million in October 2021, and $22 million in February. Its co-founder and CEO is Mustafa Azizi.
A trip through the PACER system of other logistics-related bankruptcy filings from the last two weeks mostly reveals small carriers who have filed for protection: Supra Transport of Springboro, Ohio, with 2 power units; Burton Transport of Kansas City with one power unit; CDR Trans of Myrtle Beach, SC, with two power units; and Hadnot Logistics of Rockwall, Texas, with 2 power units.
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