GoodShip Raises $2.4M to Digitize Contract Freight and Promote Supply Chain Resilience

October 31, 2022 at 09:00 AM EDT

The company, founded by leaders from industry powerhouses including Convoy, Stord and Amazon, recently launched with a limited group of shipping partners who are already leveraging the product to improve efficiency and resilience in middle mile logistics

GoodShip, a cloud-based collaboration platform automating the manual tasks of procurement, carrier scorecarding and reporting, ultimately promoting supply chain stability, came out of stealth today and announced $2.4 million in funding. The round was led by FUSE, with participation from Cercano Management, Flexport Fund, Innovation Endeavors, Sope Creek Capital, Kindergarten Ventures, and founders and CEOs of several industry unicorns including Convoy, Stord, Project44, and more. GoodShip will use the funding to bolster hiring efforts and accelerate development of its analytics and procurement product with insights and collaboration from early shipper and carrier design partners.

“We built GoodShip in response to the ongoing supply chain turmoil that has dominated headlines recently. Shippers are aggressively seeking ways to increase resilience in their transportation networks, but lack the technology to course-correct quickly when contracts break down,” said Ryan Soskin, CEO and Co-Founder of GoodShip. “By contextualizing data from carrier contracts with performance data from the shipper’s TMS (transportation management system) and real-time pricing data for shipping lanes throughout North America — GoodShip makes it easy for shippers to make well-informed, data-driven decisions about who they contract with while maintaining performance and pricing alignment in real-time.”

With increasing market volatility since the start of the pandemic, and more than $800 billion spent in the US annually on freight movement, supply chain agility is more important than ever to effectively respond to changing and unpredictable market conditions. GoodShip is at the forefront of solving a critical problem and making it easier for shippers and carriers to efficiently manage their businesses. With the first iteration of GoodShip already in the hands of several enterprise shippers and dozens of large carriers and brokers, the team is excited to announce the launch of digital procurement and automated carrier scorecards today.

"GoodShip understands that the relationship between a shipper and carrier goes beyond rates on paper," said Nicole Schuman, Transportation Procurement Manager at Reser's Fine Foods. "Leveraging the platform, we’ve been able to unlock critical insights that were previously opaque. We’re excited about GoodShip’s new and upcoming features, which we anticipate will increase agility and cost savings, while also strengthening relationships with our carriers.”

While the TMS is the system of record where execution happens, GoodShip is the adjacent strategy layer with supply chain intelligence where shippers and carriers can see impartial performance data and take corrective action to ensure optimal outcomes. Partnerships with FreightWaves and other leading data providers enable real-time market rates directly in GoodShip to simplify analysis and power fair and sustainable contract pricing.

“GoodShip is well positioned to become one of the most impactful technologies in the logistics ecosystem,” said Cameron Borumand, Founding Partner at FUSE. “By introducing a multiplayer experience for shippers and carriers to collaborate directly, we believe GoodShip will play a central role in promoting trust and stability in middle mile logistics. We’re thrilled to partner with Ryan and David Tsai to lead the next wave of supply chain digitization.”