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Nov 08, 2018

FreightRover

FreightRover, a provider of supply chain management and payment solutions technology for the logistics and transportation industry, announced plans to scale up its operations in Indiana, creating up to 120 new, high-wage jobs by 2020. The company has already hired 30 new employees toward its goal since planning its job growth in 2017.



"With a strong logistics industry and thriving tech sector, Indiana offers companies like FreightRover the perfect location to scale up their operations and provide good career opportunities for Hoosiers," Governor Eric J. Holcomb said. "As a state, we're committed to supporting logistics-minded firms like FreightRover by investing in Indiana's infrastructure, solidifying our reputation as the Crossroads of America, and creating an entrepreneurial ecosystem conducive to new ideas and technologies."

 

 

The Indianapolis-based company, which offers an innovative technology suite to optimize freight flow and streamline carrier payments for shippers, carriers and drivers, is investing more than $1 million to grow its headquarters in the Barrister Building at 155 E. Market St. FreightRover initially leased and equipped a 6,000-square-foot, second-floor suite, and is already expanding its office space to the third floor of the building with an additional 8,500 square feet. With this expansion, the company will adopt an open-concept floor plan, featuring new offices, meeting areas and workstations, which will foster team collaboration and product development. Renovations are currently underway and scheduled to be complete by February 2019. 

To support planned growth of its user base, which is expected to double over the next year, FreightRover is currently hiring software developers, finance associates and sales and marketing managers. Since it was founded, the company has hired 30 full-time employees toward its goal of 120 and plans to add another 60 positions by the end of 2019. New positions are expected to offer salaries above both the state and Marion County average wage.

“When it comes to transportation and logistics, Indiana truly lives up to its moniker as the 'Crossroads of America,'" said Eric Meek, chief executive officer and co-founder of FreightRover. "With the state also representing a major hub for new technology developments and supportive of business growth, it made perfect sense as the home for FreightRover. Our company operates at the intersection of transportation and technology, so Indiana is the ideal proving ground for our innovations."

Started in 2017, FreightRover leverages system connections, cross-sector partnerships and process automation within its supply chain management technology suite. The company offers four platforms, including: 

CarrierHQ offers a fleet services mobile marketplace with access to tools like pay management, load self-selection and insurance offerings;
PayEngine streamlines carrier payment processing to help free up working capital across the supply chain;
SmartLTL connects less-than-truckload (LTL) carriers to shippers, providing quote-to-dispatch capabilities in under 60 seconds; and
Freight xChange automates end-to-end truckload freight management by using a custom-designed exchange to help shippers locate carrier capacity.

Each of these platforms is integrated with industry-leading partners such as Aon, project44, Manhattan Associates and Indianapolis-based Rover180, which specifically utilizes FreightRover’s PayEngine technology to improve working capital and keep cash moving in the supply chain. FreightRover was named Best New Tech Startup at TechPoint’s 2018 Mira Awards and a Freight.Tech 100 company by the FreightWaves Research Institute.

"Indianapolis has long been a hub for companies in the logistics, transportation and tech sectors," said Indianapolis Mayor Joe Hogsett. "Now, through continued innovation, we are seeing companies like FreightRover develop solutions that bridge gaps and drive industry on a national scale. I applaud the work of this homegrown company and look forward to their continued growth here in central Indiana." 

In 2017, the Indiana Economic Development Corporation (IEDC) offered FreightRover up to $1.55 million in conditional tax credits and up to $75,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis and Develop Indy, a business unit of the Indy Chamber, are supportive of the project.

FreightRover has also utilized the Venture Capital Investment (VCI) tax credit program, which helps innovators in high-growth industries attract capital more efficiently by providing investors an additional incentive to invest in fast-growing firms. Through the program, the company raised more than $5 million in venture capital to support its startup, and is attracting additional investment.   
 
 


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