Cargo management startup Goodship raised $25 million in Series B funding. The company is trying to use AI to overhaul the trillion dollar shipping industry.
The round was led by Greenfield Partners and featured participation from returnbackers Bessemer venture partners, Iron Spring Ventures, Chicago Ventures and Hughes VC.
The 3-year-old Goodship, based in Bellevue, Washington, has raised $40 million in four funding rounds, CEO Ryan Soskin told Business Insider.
Co-founded by Optimus alumni Soskin and CTO David Tsai, Goodship is an operating system that helps clients buy and manage cargo.
The platform uses AI to consolidate company internal data to track delivery networks and recommend corrective action.
There are also procurement tools that can analyse historical data and help shippers make decisions when they are running carrier bids.
“This is a nearly trillion dollar industry in North America, and it's mostly done on spreadsheets,” Soskin told Business Insider. The company says it will bring millions of savings and allow customers to slow down delivery.
Goodship isn't alone. Uber's Uber Freight Unit uses AI to optimize delivery routes, while Penske Truck Leasing utilizes fleet maintenance technology. In the last mile space, startups like vehicles, dispatches, and distributions are using it to design more efficient routes.
Goodship has dozens of clients including Tropicana, Kehe Distributor, Kellanova and KBX Logistics, and says its revenues have increased by 10 times last year. Monetize with a subscription based on freight spending.
The company uses its funds to build new tools with more automation, invest in AI and grow its teams. The company has a total of 30 employees for the last quarter, and expects to have 40 by the end of the third quarter.
Soskin said Goodship aims to bring the platform to new regions and new modes of transport.
The company will also lease its new headquarters in Bellevue to move from a completely remote to a hybrid workplace, but employees who already live in town will become “grandfathers.”
The United States is in a prolonged freight recession following the pandemic. Although there were signs of growth earlier this year, Trump's tariffs have gone more rough paths.
Check out the pitch deck Goodship used to raise the $25 million Series B. Revenue figures have been edited to publish the deck.
