GoodShip Raises $8M to Ramp Up Procurement Platform Features

Procurement platform GoodShip announced on Thursday that it has closed an $8 million Series A funding round. Bessemer Venture Partners led the round, with participation from existing investors Ironspring Ventures, Chicago Ventures, Fuse VC and Cercano Management. New investors include 53 Stations as well as angel investors Nichole Wischoff and Andrew Silver.

Since its founding in 2022, the platform has raised $15.4 million. It aims to provide shippers with transparency into their freight data and insights into the operations of their procurement ecosystems.

"We have recently landed some major shippers, and that is giving us the confidence to pour a little more gasoline onto the fire here and start growing faster" Ryan Soskin, co-founder and CEO, told FreightWaves. 

Notable enterprise clients such as Kellanova (formerly Kellogg Co.), KBX Logistics, Mark Anthony Services and Simmons Foods have leveraged GoodShip's insights and centralized procurement workflows to enhance their performance.

"GoodShip is a combination of the finance and analytics tool we were looking for and the freight orchestration tool we didn't know we needed. … The Kellanova team is extremely excited to partner with GoodShip to improve data visibility, leading to cost savings and stronger overall performance" Matt Rose, senior director of transportation at Kellanova, said in the release.

"We've built something the market wants and want to get it in their hands faster, accelerating product development and scale. We are thrilled to be working with the Bessemer team as they have a long track record of success in software-as-a-service, so their expertise and insight will be invaluable as we enter this next stage of growth" Soskin said of the new investor partnership.

GoodShip platform. (Gif - GoodShip)

Mike Droesch, partner at Bessemer, told FreightWaves: "We constantly heard from our network that they loved the GoodShip platform. Not only are there great insights, but do you want to take corrective action right now? Because they have that built right into the platform to handle in real time. It definitely feels like they found this technology gap in the market that is resonating to shippers."

In January, GoodShip introduced a scenario builder tool that allows shippers to set parameters and quickly reveal bidding outcomes. Since then, it has integrated a new internal messaging tool into the system, enabling shippers to involve multiple roles in procurement discussions.

"There are a lot more solutions that we are excited to execute now that we are uniquely positioned to help shippers and their carrier networks" Soskin said.

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