Manifold Freight is a Seattle-based startup co-founded by Andrew Huff and Oliver Jones, former engineering leaders at Convoy, a digital trucking marketplace company that ultimately collapsed last year. Manifold is part of the latest Y Combinator cohort and focuses on spot freight – one-off shipments picked up by carriers. The company’s software aggregates spot freight opportunities for carriers and is targeted towards medium-to-large carriers that own their trucks. Manifold charges carriers a fee to use their software, based on the size of their fleet, and aims to build tools for shippers to find freight capacity. The ultimate vision is to create a spot marketplace for shippers, brokers, and carriers.
Manifold Freight shares similarities with Convoy in that both companies aim to increase efficiency between truckers and shippers. However, Convoy took on the risk of each load, while Manifold’s approach is to enable carriers, brokers, and shippers to find each other on their marketplace without taking responsibility for the load. Jones, who was an early Convoy engineer and became director of engineering, and Huff, who was an engineering manager, believe their experience at Convoy gives them a competitive advantage over traditional freight industry companies and newer startups. Convoy had raised nearly a billion dollars from top investors and served Fortune 500 giants before running into challenges including a freight recession and investor appetite changes that led to its shutdown last year.
Manifold Freight generates revenue by charging carriers a fee to use their software, which helps carriers find shipments without working with multiple brokers or load boards that take a cut of the shipment price. The company is currently raising its seed round after receiving $500,000 from Y Combinator and has three employees. Huff and Jones are focused on building a full-fledged spot marketplace for shippers, brokers, and carriers. While Convoy aimed to match shippers with carriers and make money on the difference, Manifold’s approach is to facilitate connections between the parties on their marketplace without taking on the risk of each load. The company’s software is designed to streamline the process of finding and securing spot freight opportunities for carriers.
Manifold Freight’s founders, Andrew Huff and Oliver Jones, left Convoy to pursue their own startup venture focused on spot freight in the trucking industry. Their experience at Convoy, which included working with some of the best professionals in the industry and raising significant funding, provides them with a competitive advantage in the market. By targeting medium-to-large carriers and offering software that aggregates spot freight opportunities, Manifold aims to increase efficiency and reduce the fees carriers pay to brokers and load boards. Building a spot marketplace for shippers, brokers, and carriers is the company’s long-term vision, with the goal of revolutionizing the way freight capacity is found and utilized in the industry.
In the wake of Convoy’s collapse, Flexport launched the “Convoy Platform” to match shippers with small carriers and owner-operators. This development demonstrates the ongoing evolution and competitiveness within the trucking industry as companies strive to create better solutions for connecting truckers with shippers. Manifold Freight, with its focus on spot freight and software tools for carriers and shippers, is positioning itself as an innovative player in this space. With a strong foundation in engineering and a clear understanding of the industry gained from their time at Convoy, Huff and Jones are well-equipped to navigate the challenges and opportunities in the trucking industry as they continue to grow and develop their startup, Manifold Freight.
