Undoubtedly, global events have not been kind to the shipping industry. However, the wild swings, congestion, and shortages have affected more than just shippers, carriers, and manufacturers. FreightTech companies, which were seeing a boom in the years leading up to 2020, are now scrambling to keep their doors open, leading to layoffs from most of the major players.
FourKites has likewise been affected and conducted its own round of layoffs. However, unlike some of the other tech firms, FourKites might end up faring better than the competitors, owing largely to the partnership with FedEx, which was announced earlier this year.
The partnership and investment from FedEx couldn’t have come at a better time, as FourKites was just beginning to see its investor pool beginning to dry up. FedEx, for its part, is turning inward to improve visibility and its global service offerings.
Read more about the FreightTech fallout and FourKites saving grace here