TransRisk, a leading data intelligence and financial products company serving the freight and logistics industries, today announced the completion of an oversubscribed $3.4 million seed financing led by Fontinalis Partners, a mobility-focused venture capital firm with offices in Detroit and Boston. Fontinalis was founded in 2009 and includes transportation executives such as William C. Ford, Jr. (“Bill Ford”), current Executive Chairman of Ford Motor Company. Chris Stallman, Partner at Fontinalis, joins the TransRisk board with the completion of this financing.
TransRisk is building an information services platform with the goal of mitigating risk and providing market transparency to trucking and logistics companies that face significant pricing volatility. The company aggregates data from 150 technical sources to interpret market information and provide real-time commentary and insights on market conditions.
The company is also building the first trucking futures contracts that will be traded on a major financial exchange to allow participants to hedge against line-haul spot rates on major shipping lanes. The company also launched the Blockchain in Trucking Alliance, a consortium of over 400 technology enterprises, manufacturers, carriers, and logistics technology organizations committed to implementing blockchain technology in trucking.
“We are impressed by TransRisk's laser focus on solving the industry’s key pain points (i.e., lack of transparency and inability to manage price risk), and believe the company is well-positioned for the industry’s autonomous future. We have evaluated many startups trying to address the trucking market and we believe that the TransRisk team’s experience, authenticity, and thought leadership is unmatched in the industry,” said Stallman.
Additional investors include 8VC, Engage Ventures, Advisors Fund, Breakthrough Fuel, Story Ventures, and Hunt Technology Ventures.
The company raised $2 million last year from Hunt Technology Ventures. This brings the total to $5.4 million.
The company will use the financing proceeds for further product development and expanding its sales & marketing team, with the launch of its trucking futures products anticipated in second half of 2018.