Chattanooga-based FreightWaves, a transportation and logistics data and content startup, today rolled out a major expansion with plans to create 260 new jobs.
The company is slated to invest $3.9 million in the expansion, including a shift of operations to new work space downtown in the 400 block of Market Street, said FreightWaves Chief Executive Officer Craig Fuller.
"A major reason why FreightWaves has become one of the fastest-growing technology startups in the country is the talent and experience of our Chattanooga-based team," said Fuller.
At a bank of computer terminals, Freightwaves CEO Craig Fuller talks about data and trucking logistics that the Chattanooga based company sells to its clients.FAST FACT
FreightWaves says its website receives more than 1.5 million page-views monthly.
The former World of Beer space at 412 Market, along with the building's second story, is undergoing renovation to hold the company. FreightWaves currently is located on Chestnut Street in the Southside where it employs about 50 people.
Tennessee Gov. Bill Haslam said the transportation and logistics industry in the state continues to gain momentum with more than 245,000 Tennesseans employed in the sector.
"When companies like FreightWaves continue to invest in our state, it will help Tennessee lead in the creation of high-quality jobs," he said.
Bob Rolfe, the state's commissioner of economic and community development, cited the "substantial" FreightWaves expansion. Rolfe said he looks forward "to seeing FreightWaves continue to succeed in our state."
FreightWaves delivers data analytics, news and commentary, innovation engagement and risk management tools to the transportation and logistics industry. The speed and nature of the data enable shippers, motor carriers, and freight brokers to better understand the market, according to FreightWaves.
This summer, FreightWaves announced it had raised another $13 million in new capital. FreightWaves has raised about $18.4 million over its first two years, placing it among Chattanooga's top startups.
FreightWaves was the winner of venture capital firm Revolution's Rise of the Rest pitch competition held in Chattanooga this spring. The competition spearheaded by AOL founder Steve Case gave FreightWaves a $100,000 investment.
Fuller, whose father is U.S. Xpress co-founder Max Fuller, said that Case described Chattanooga as the "Silicon Valley of Trucking," highlighting the city as an ideal place to build a market-data business for the freight industry.
"The city also has one of the highest concentrations of individuals connected to the freight sector in North America," the company CEO said. "We are excited to continue our growth in Chattanooga and the support of the city and state will help us accelerate our global reach."
Hamilton County Mayor Jim Coppinger said FreightWaves validates the county as a place to build high-growth businesses.
"We're proud of their success, especially after the national recognition they enjoyed after the Rise of the Rest program," he said.
Chattanooga Mayor Andy Berke said the expansion by FreightWaves will continue to build on the success of the Innovation District.
Charles Wood, the Chattanooga Area Chamber of Commerce's vice president for economic development, said that while the world struggles with available talent, FreightWaves is building a strong talent pool at the intersection of logistics and data science.
He said that pool "will have a long-lasting impact on the logistics industry in Chattanooga and Hamilton County."
FreightWaves helps clients navigate freight markets through FreightWaves.com, which it said was ranked by Amazon Alexa as the No. 1 logistics news site globally.
Also, the fast-growing startup was placed on CNBC's 2018 Upstart 100 list.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318. Follow him on Twitter @MikePareTFP.