Machine Learning

Freight Technologies Inc. Introduces Fr8Now

Freight Technologies Introduces its new brand, Fr8Now as it leaps into LTL Load-Matching

Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech”), a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning and offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, is proud to announce the launch of its new brand Fr8Now, a digital freight-matching platform that offers less-than-truckload (LTL) services in Mexico.

With Fr8Now, Freight Technologies is marking its entry into the highly fragmented and rapidly growing LTL market in Mexico, which is estimated to be growing significantly, and has few established players.
The company believes that Fr8Now will revolutionize the LTL segment in Mexico by digitizing shipments and providing real-time shipping services to businesses across the region, using technology in a manner that other market participants are unable to offer. The Fr8Now platform, similar to Fr8App, uses machine-learning algorithms to match shippers with the best carriers, making the entire shipping process faster, more efficient, and more cost-effective.

“Our team has worked tirelessly to bring Fr8Now operational,” said Javier Selgas, CEO of Fr8Tech. “With our new platform firmly in place, we believe we are one of the first companies in Mexico to offer LTL digital solutions. We are confident that Fr8Now will be a game-changer for businesses looking to ship goods both in-country in Mexico and from Mexico to the exterior. We offer a value-add to small businesses in Mexico seeking economic product distribution as well as small carriers seeking local distribution routes – so it’s a win-win solution on a number of fronts. These markets are already well developed in the US but we believe they are at a nascent stage in Mexico,” concluded Selgas.

Fr8Now already has its first loads in transit from one of Fr8Tech’s existing customers, offering additional synergies as we offer clients a variety of products – from LTL to cross-border to managing enterprise fleets. Fr8Tech platform’s innovative technology, whether through Fr8App, Fr8fleet or Fr8Now, offers exceptional service and provides businesses with a unique opportunity to streamline their logistics operations and boost their bottom line.

The successful rollout of Fr8App throughout North America has paved the way for the launch of Fr8Now, which is set to empower Mexican businesses with cutting-edge LTL freight-matching technology and provide an entry point into the US LTL market. Fr8Now’s real-time portal offers businesses, small and large, complete control over their shipping process, allowing them to track their shipments and remain informed as to their status every step of the way.

On March 7, 2023, Fr8Tech announced the company achieved $4.4 million in quarterly revenue for Q4 2022 with YTD 2022 revenue at an impressive $25.9 million, up 20.6% from the prior year. It also announced that the Fr8Now brand was expected to start operations “in the near future”. Fr8Tech management also announced that its 2023 revenue guidance is $36 million in annual revenue, representing a nearly 40% growth from Fr8App’s 2022 full-year revenue.

What is LTL?

LTL is an acronym for Less Than Truckload, meaning shipments of cargo that do not occupy the full capacity of a truck, or FTL. The LTL service works by consolidating multiple shipments from different clients into the same truck, which allows for reduced shipping costs for each shipper but higher margins for the consolidator of the shipments.

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