Chicago Logistics Startup, Forager: Taking on Cross-border with Technology
Writen by: Justin Sorto, TCC Education Committee Co-Chair
The Chicago startup scene is amass with different technology companies, and it’s exciting to see the many new innovations emerging in the logistics industry. I recently had the chance to speak with Matt Silver, co-founder and CEO of Forager, a Chicago logistics company that is disrupting the traditional cross-border freight business and taking on the complexities that we have not seen in this aspect of the business in the past. Whether it’s the hidden fees and surcharges, multiple shippers, tracking issues or complex customs paperwork, Matt is trying to recreate the process to provide a better customer experience.
Matt believes that we have seen freight brokerage companies operate either as a traditional brokerage, with limited technology to benefit the shipment process, or as a technology company without the innate logistics industry knowledge needed to understand the intricacies of the business. He created Forager to be a marriage of the two. For Matt, freight is in his blood. He is the son of Jeff Silver, founder of Coyote Logistics, and has grown up in the logistics industry. While at Coyote Logistics, Matt helped build and grow the U.S., Mexico and Canada cross-border business. At Forager, Matt has built a team of both logistics specialists and developers to build out his technology platform.
You may have seen Forager as #4 on the recent Built In Chicago list of “5 Chicago Startups who brought in more than $130M in September”. Forager’s recent capital raise of $3.25 million by industry veterans and strategic partners, which include Chicago Ventures and TFI International, Ezra Galston, Herb Shear, and Steven Galanis, will help facilitate Forager’s strategy and growth. The majority of the funding will be used in the development of Forager’s technology, and to hire new developers to add to the current team of 30 people.
On the topic of growing the team, Matt told me that the company’s Chicago location gives him the benefit of a large dynamic talent pool that they might not have in another city. The growing Forager team will continue to build their software platform, which will provide on-demand pricing and capacity for both Mexico and Canada, helping Forager to stand out from its competitors and offer its customers a better experience. Although many logistics companies are only concerned with trying to grow their brokerage, Matt said that Forager desires to partner with the shippers with whom they work.
In the ever-changing global marketplace, where we see trade wars, shifting supply/demand dynamics, new technology, and new demands by customers, it is necessary for logistics companies, such as Forager, to innovate and look towards the future, and provide customers with accurate, quick, and efficient information.
Matt will be on a panel at the upcoming JOC Inland Distribution Conference in Chicago titled, “U.S. – Mexico Cross-Border Trade: Threading the Needle”. The panel will discuss how Mexican shippers and US importers can reduce supply chain risk at the border and speed freight in both directions, and more. For more information on the conference, please visit the link below.
https://www.joc-inland-distribution.com/register