J.B. Hunt's profits fall in Q2, TruckSmarter raises $50M in debt, Ryder acquires Pit Stop

Supply Chain Tech Trends

July 22, 2024

Welcome back to Supply Chain Tech Trends, your twice monthly deep dive on supply chain tech news, events and analysis, written by Operator Stack.

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Top News

1) J.B. Hunt’s profits fell in second quarter, citing declining freight revenue and volumes.

2) TruckSmarter closed a $50 million debt facility to grow the company’s services.

3) Ryder acquires mobile fleet maintenance provider Pit stop.

“The factoring and quick pay business just continues to grow and drive a ton of traction.”

Daniel Kao, TruckSmarter Co-Founder and CEO

Notable Fundings

Coast, a New York-based card and expense management solution provider for fleet-operating businesses, raised $40M in funding led by ICONIQ Growth.

Autoscheduler.ai, an innovative Warehouse Orchestration Platform and WMS accelerator, raised $6.5M in funding led by Noro-Moseley Partners.

Renaissant, a Wisconsin-based logistics software company, raised $5M in funding led by TitletownTech.

Lobb, a Bengaluru-based digital freight brokerage platform, raised $2.9M in funding led by HNI.

SeaVantage, a fast-growing startup specializing in advanced maritime data analytics, raised $2.3M in funding led by HD Hyundai Marine Solution.

FastBeetle, a Jammu and Kashmir-based tech start-up focused on last-mile logistics, raised an undisclosed amount in funding led by KM Trans Group.

Links to Ponder

Mexico was the top U.S. trade partner in May

Daimler Truck took a $120M hit from its China joint venture

Shein and Temu are sending freight rates soaring

🎤Upcoming Conferences

The Logistics & Supply Chain Forum: September 8-10th, Scottsdale, AZ

ASCM Connect: September 9-11th, Austin, TX

CSCMP EDGE 2024: September 29-October 2nd, Nashville, TN