Assertion Not checkable as stated
Flock Freight projects 50% margins versus the industry average of 10-12%
“Then we have for freight, like 50% margin potential in an industry that supports like 10 to 12. So we have many times a higher margin potential than anybody ever in freight before because of this financial arbitrage that gets unlocked.”
Prediction Not checkable as stated
Meaningful autonomous trucking will not arrive in the 2020s
“It's not going to happen in this decade in a meaningful way. We'll see the middle mile, which is, you know, like running down the freeway. We'll see robots. That being said, there'll be humans who are being paid to still be on board those trucks for many, many…”
Disclosure
SoftBank offered up to $300M before Flock Freight reduced the check size
“SoftBank was about half of the check in this round. You know, we had another hundred million dollars come in on top of what SoftBank wrote. SoftBank wanted to write a much larger check, initially up to three hundred million. And from around construction standp…”
Prediction Not checkable as stated
Flock Freight is preparing for an IPO in two to three years
“This business is headed to the public markets. We're not yet ready to hire a banker. We're not yet ready to start talking to the exchanges. So it's, I wouldn't quite call us pre-IPO, but we're pre-pre-IPO, meaning find me people that can educate me on the stor…”
Assertion Supported
Flock Freight's SoftBank round valued the company under $1 billion
“South of a billion dollar valuation.”
Prediction Not checkable as stated
Amazon will build the world's largest parcel carrier, preventing new entrants
“I don't personally think we're going to see another parcel carrier. Parcel would be like FedEx UPS start ground up like ever. I think what we'll see is, is Amazon come in and build the largest parcel carrier in the world, sort of from the side door or top down…”
Disclosure
Flock Freight's model cuts emissions 40% and enables carbon credits
“While we simultaneously help do our part to save the world, you know, we believe passionately there can be a 40% reduction in greenhouse gas through our model, so much so that we're on the precipice of being able to launch actual carbon credits to our customer…”
Prediction Not checkable as stated
Flock Freight expects $330M-$340M run rate in October 2021
“We will do more than twenty five million in the month of October. So our run rate will be, you know, three thirty, three hundred forty million you know give or take in the month of October.”
Disclosure
Flock Freight raised $215M from SoftBank at a $1.3B valuation
“We raised two hundred and fifteen million dollars led by a soft bank vision fund too. They led our last round as well. This was a real preemption, you know, with these numbers, they came to us mid year, six months into the last round. And said, you know, giddy…”
Prediction Not checkable as stated
Flock Freight claims it can cut greenhouse gas emissions by 40%
“We have an opportunity to make a 40% reduction in greenhouse gas if we're successful at scale.”
Disclosure
Oren Zaslansky retains double-digit equity at Series D but expects dilution
“I am not yet in the single digits. I will.”
Assertion Not checkable as stated
SoftBank founders interact primarily with deal teams, not Masayoshi Son
“Working with Masa is a tiny piece of what we do when you're a SoftBank portfolio company, but really you live within your deal team.”
Assertion Not checkable as stated
Flock Freight's shipment volume grew 400% year-over-year in 2020
“So how many shipments we move on an annual basis, we had 400% growth in the year of 2020.”
Insight
Trucking supply is static and cannot flex like the gig economy
“Supply is kind of fixed, right? This is not a gig economy the way we see with like Uber and Lyft in rideshare or DoorDash or Instacart. Those are gig economies whereby in theory, supply can flex with demand. In our space, you're a commercial truck driver drivi…”
Opinion
SoftBank invested primarily for Flock Freight's predictive algorithm tech
“I mean, that's honestly, I think the number one reason why SoftBank made the investment as they did is they looked at the hard science, the hard the algorithms, the mathematicians, the data scientists that we employ to not just predict a future of is there a t…”
Assertion Partly supported
SoftBank invested $100 million into Flock Freight
“SoftBank's investments, a hundred million dollars.”
Assertion Not checkable as stated
Flock Freight unlocked product-market fit via shared truckload guarantees in 2019
“And we figured that out in early 2019. And that was a guarantee of a shared truckload at the point of purchase.”
Assertion Not checkable as stated
Flock Freight grew revenue from $25M to $100M in 2020
“We go from twenty five million to a hundred million by the end of the year.”
Disclosure
Flock Freight's Series C valuation was between $460M and $470M
“Four 64 70.”
Disclosure
Flock Freight offered secondary liquidity to early employees, but not investors
“A little bit of liquidity to early folks, but only, only team members, not, not investors. No investors want it out. I can certainly say that.”
Assertion Not checkable as stated
Flock Freight moved roughly 16,000 freight bills in September 2021
“I mean, we moved last month now already like 16,000 freight bills in the month.”
Disclosure
Flock Freight aims to automate 80% of supply transactions within 18 months
“It's only about 10% of the transactions on that end are really totally automated at this point. We want to take that number up. It's not going to be a hundred percent, but to 80 or 90%, and we want to do that in the next 12 to 18 months.”
Assertion Contradicted
Flock Freight is the only certified B Corp in the freight industry
“We're the only certified B Corp in freight.”
Assertion Supported
Flock Freight's Series A post-money valuation was roughly $58M
“That was 57 or eight. It was no post. The pre was like 41, 42, you know, something along those lines.”
