DLA Piper advises Flock Freight in its US$113.5 million Series C financing
Dec 03, 2020, 13:06 ET
SAN DIEGO, Dec. 3, 2020 /PRNewswire/ -- DLA Piper represented Flock Freight, a San Diego-based digital logistics provider that offers a shared truckload shipping solution for businesses, in its recent US$113.5 million Series C financing led by Softbank Vision Fund 2, with participation from existing investors SignalFire, GLP Capital Partners, and GV, as well as a new minority investment by strategic partner Volvo Group Venture Capital.
The only digital freight provider to guarantee shared truckload shipping, Flock Freight leverages proprietary technology and relationship-driven service to pool shipments that are going the same direction onto one truck. The company provides faster, safer and more sustainable service for less-than-truckload (LTL) and truckload (TL) shippers, in addition to increased revenue potential for carriers.
"This is a significant milestone for the Flock Freight team, and DLA Piper appreciates the opportunity we have had to support the company, including through this transformative transaction. Having worked with this high-performing management team for the past several years, we really appreciate our partnership with the company and look forward to continuing our efforts to help the team as they build a great company and transform the freight industry," said Randy Socol, the DLA Piper partner who led the firm's deal team.
"Randy and his team guided and shaped this round, ensuring a seamless process from start to finish, and they were truly vital in its success," said Oren Zaslansky, chief executive officer and founder of Flock Freight. "He and the DLA Piper team are incredibly business-minded and strategic advisors, with extraordinary communication skills and a deep understanding of the right risks to take."
In addition to Socol (San Diego), the DLA Piper team representing Flock Freight included partners Paolo Morante (New York) and Neil Balmert (San Diego); of counsel Nicholas Klein (Washington, DC); and associates Shehzad Huda, Kathryn Fortin and Nika Antonikova (all of San Diego).
DLA Piper's Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including biotech, manufacturing, communications, software and semiconductors. In 2019, the firm handled more than 697 venture capital financings totaling over US$10.3 billion. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.
DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.
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