EXO Freight

EXO Freight is the developer of a cloud platform for cargo management. The company was founded by twin brothers Kurtis and Chris Tribers.

History

2022: Attracting investments from a fund founded by Russians

On May 19, 2022, EXO Freight, located in Royal Oak, Michigan, announced the raising of $15 million in a Series A funding round led by Left Lane Capital with the participation of Detroit Venture Partners and a fund with Russian roots I2BF Global Ventures, which had previously invested in this project. The startup intends to spend the funds received on the further development of its digital freight market, intended for the freight market.

From 2021, the company raised a total of $16.5 million to May 2022. EXO Freight was founded in 2013 by co-founder and CEO Kurtis Triber. The company is developing digital transportation software designed to create a market for shippers and carriers, managed using an open deck, allowing customers to find efficient and cheap freight carriers.

American cloud platform for cargo management attracted investments from a fund founded by Russians

Our system goes beyond the usual verification process by analyzing which goods are allowed to be transported by our carriers, the types of trucks, trailers and attachment devices that specific carriers have. In addition, our cargoes often exceed the usual limits of $100 thousand, so our selection system takes this into account when determining which carriers are best suited for specific cargoes, based on their cost, "said Triber.

Triber said that since initial fundraising in June 2021, EXO Freight's revenue has grown 33% per month, and the company has been working with more than 50 corporate shippers to make it easier for companies to use open deck capacity on the market.

The time has come for a seismic shift in the world of transportation with an open deck. Thanks to its TMS solution for shippers, internal TMS and carrier management portal, we believe EXO Freight is able to dramatically improve the economy and quality of life of carriers, said Dan Arens, managing partner at Left Lane Capital. We look forward to working with the entire EXO Freight team and rolling our sleeves to build the future of the freight industry.[1]

2021: Attracting investments, including from a fund with Russian roots I2BF Global Ventures

In early October 2021, the developer of the cloud platform for freight transportation EXO Freight announced the attraction of investments from 1984 Ventures, Lancaster, as well as a fund I2BF Global Ventures founded by Ilya Golubovich (son of a former financial director). Yukos Alexei Golubovich EXO Freight plans to spend the raised funds to achieve the goal of defragmentation of the transport market, especially for shippers transporting goods on cars cargo with an open deck.

According to the company, although open deck transportation accounts for 20% of all domestic freight transport costs, many EXO Freight competitors avoid contact with this market, since it often involves higher insurance costs, a large amount of resource and service management, which are often more difficult to automate.

Russians invested in the American cloud platform for freight EXO Freight

EXO Freight's new funding also plans to spend on developing its current market technologies and attracting employees to its new offices in Royal Oak (Michigan). This will allow the company to meet the engineering needs and needs of a growing customer base.

It was important to invest in EXO because of the team. It is rare to find founders who understand the industry from the inside, understand technology and how software can open up new opportunities, "said Rami Adib, founder and general partner of 1984 Ventures.

Lancaster Investments spokesman David Becker noted that the supply shortfall in the open deck truck segment will continue.

Huge investments in roads, bridges, buildings and other public facilities will require the movement of heavy equipment and building materials that will need to be transported on trucks with an open platform, Becker explained.[2]

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