GoodShip, a cloud-based analytics and transportation procurement platform, has secured $5 million in seed funding, bringing its total funding to $7.4 million. The round was co-led by Ironspring Ventures and Chicago Ventures, with continued participation from FUSE VC and Cercano Management, and previous investments from industry-leading tech company executives such as FreightWaves founder Craig Fuller and Stord founder Sean Henry. The company said that the funds raised will be used to develop new bid management features, expand its AI-powered smart recommendation engine, and scale go-to-market efforts for mid-market and enterprise shippers.
GoodShip platform aims to address the issue of limited accessibility and underutilization of data generated by modern supply chains. GoodShip unifies data from each customer’s tech ecosystem, enriches it with real-time pricing from partners such as FreightWaves SONAR, and provides the tools to make that information actionable directly from the platform. This enables service and price optimization in a systematic, data-driven way that enhances collaboration with carriers.
GoodShip’s Insights and Procurement features have enabled shipper customers to realize significant performance improvements and cost savings, including a 20% decrease in late deliveries to requested delivery date (RDD) and a 3-5% reduction in total freight spend over the past six months. By streamlining business check-ins for shippers and carrier partners, GoodShip’s shared source of truth contextualizes and unifies shippers’ disparate data sources, enabling constructive meetings focused on resolving issues and identifying new opportunities.
After several years of global supply chain disruption, demand for industry-specific tooling has increased dramatically. In 2021, 87% of senior supply chain executives planned to invest in resilience over the next two years. GoodShip’s platform is designed to create resilience and help enterprise supply chains thrive in a post-pandemic world. Ty Findley, newly joined GoodShip Board Member and Co-Founder and General Partner at Ironspring Ventures, said that the company’s platform and partnerships reflect their deep roots in freight and an even deeper understanding of what transportation procurement products enterprise supply chains need.
Peter Christman, Partner at Chicago Ventures, added that by marrying AI-powered recommendations with the tools to execute procurement in one collaborative platform, it is possible to achieve agility, resilience, and visibility that are not possible with spreadsheets or generic solutions. GoodShip’s offering is wholly unique and perfectly timed to reshape the digital logistics landscape.
In conclusion, GoodShip’s funding round represents a significant milestone for the company and validates the importance of industry-specific tooling in today’s global supply chain landscape. The platform’s AI-powered recommendations and collaborative tools for procurement are well-positioned to help mid-market and enterprise shippers optimize service and price in a data-driven and systematic way.