Flock Freight Holds Steady Amid San Diego’s Tech Unicorn Market Correction
Encinitas-based tech company continues growth trajectory as startups in the U.S. stumble with uncertainty, AI transformation, funding droughts, and more.
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Flock Freight, an Encinitas-based startup focused on freight shipping and logistics, has raised nearly half a billion dollars in funding since its inception a decade ago, and remains one of the region’s few unicorn tech startups valued at over $1 billion.
In May, Flock Freight announced it had raised a Series E funding round led by O’Neil Strategic Capital, a Los Angeles-based family office group, alongside several other co-investors. The San Diego-based tech company was last valued at approximately $1.3 billion in 2024, according to Pitchbook.
Flock Freight joins an exclusive list of late-stage tech startups based in San Diego that have been able to secure late-stage financing to continue its growth.
Other local late-stage tech companies on that list include Seismic, which raised a $170 million Series G funding round, and SOCi, which raised an $80 million Series D round, both in 2021, as well as Shield AI, which raised a $240 million Series F round this year. Next up on that list would include Cloudbeds ($150M Series D), Platform Science ($125M Series D), and Drata ($200M Series C).
So far in 2025, the largest San Diego funding rounds in the tech sector, include Shield AI, Cybereason, Netradyne, and Trust & Will.
Unicorn Startup in Freight Trucking Industry
Flock Freight made a name for itself in the trucking industry by helping companies maximize the space used for transporting goods on the road.
Many customers use the startup’s platform to identify at least two freight loads traveling to and from roughly the same locations at the same time, then match them together. More than 1,000 customers use its tech platform, according to the company.
"The U.S. trucking market has been in recession for more than a year,” Flock Freight CEO Oren Zaslansky told me over the phone. However, the company is betting the broader trucking industry is poised to recover.
At the peak of the trucking industry boom, Flock Freight had more than 300 employees. It was generating north of $300 million in revenue at one point in the startup’s journey, according to sources.
What we’re most excited about is figuring out that buying mechanism, which is what we call the cash register for our customers, and really uncorking it,” said Oren Zaslansky, founder and CEO of Flock Freight.
Thoughts on Tariffs, Funding, and What’s Next
Flock Freight has largely spent the three years focused on its growth strategy to improve efficiency across the trucking industry.
In particular it introduced AI-powered technology, improved operations, and expanded its customer base with strategic partnerships to sustain its growth.
The late-stage technology startup has maintained consistent quarter-over-quarter growth across its bottom line and remains one of the fast-growing companies.
Headquartered in Encinitas, the company employs roughly 380 with the majority working in California and a portion working in Chicago or in remote-first roles.
I closed my conversation with Oren Zaslansky, asking about his thoughts on the impact of tariffs, venture capital raising and what keeps the startup moving forward.
“There’s a lot of uncertainty right now around tariffs and global trade, but that storm will pass. Venture capital has become harder to secure, especially for late-stage growth companies. On top of that, the U.S. freight market is in the worst recession in recorded history.
Despite these challenges, we’ve outgrown all our peers. Sometimes I have to remind my board that even when growth feels slow, we’re still outperforming everyone else in our space.
Over the past three years, we’ve stayed focused and didn’t pivot. We became lean, hungry, and maintained a sharp focus. We don’t take on too much, and we kept our heads down.
Honestly, the only reason we issued a press release about our new funding round was to let customers, partners, and our employees know that we’re not going anywhere anytime soon. We’re here to stay.”