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Freight management startup GoodShip has raised $25 million in Series B funding. The company seeks to use AI to overhaul the trillion-dollar shipping industry.
The round was led by Greenfield Partners and featured participation from returning backers Bessemer Venture Partners, Ironspring Ventures, Chicago Ventures, and FUSE VC.
Three-year-old GoodShip, based in Bellevue, Washington, has raised $40.4 million across four funding rounds, CEO Ryan Soskin told Business Insider.
Cofounded by Convoy alums Soskin and CTO David Tsai, GoodShip is an operating system to help clients buy and manage their freight.
The platform unifies a company’s internal data using AI to track its shipping networks and recommend corrective actions — such as when they’re overpaying for a lane or on-time service is deteriorating.
It also has a procurement tool that analyzes historical data to help shippers make decisions when they’re running carrier bids.
“This is almost a trillion-dollar industry in North America that is largely still running on spreadsheets,” Soskin told Business Insider. The company says it can yield millions in savings and help customers cut down on late deliveries.
GoodShip isn’t alone. Uber’s Uber Freight unit uses AI to optimize shipping routes, while Penske Truck Leasing harnesses the tech for fleet maintenance. In the last-mile space, startups like Veho, Dispatch, and Deliveright are using it to design more efficient routes.
GoodShip has dozens of clients, including Tropicana, KeHe Distributors, Kellanova, and KBX Logistics, and says revenue grew by a factor of 10 last year. It monetizes with subscriptions that are based on freight spend.
The company will use its funding to build new tools with more automation, invest in AI, and grow its team — including doubling its engineering team by year’s end, Soskin said. The company had 30 total employees last quarter and expects to have 40 by the end of the third quarter.
Soskin said GoodShip is also looking to bring its platform to new geographies and new transportation modes.
The company also plans to lease a new headquarters in Bellevue as it transitions from a fully remote to a hybrid workplace — though employees who already live out of town will be “grandfathered in.”
The US has been in a long-running freight recession following the pandemic. While there were signs of growth earlier this year, Trump’s tariffs portended more rough roads ahead.
Here’s a look at the pitch deck GoodShip used to raise its $25 million Series B. Revenue figures have been redacted in order to share the deck publicly.
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