This Is Why Chicago Is Leading The Way In The Future Of Logistics Tech
It’s no surprise that Chicago is being hailed as the home for the future of logistics tech since this city is geographically blessed and is uniquely positioned in a way that all of the nation’s crossroads, be it rail, air, or truck, go through the city. Chicago has also been a global leader in transportation, distribution, and logistics. The city’s TD&L sector is considered one of the largest in the nation and has a significant impact on the local economy as well. That’s impressive, no? Keep on reading to find out why Chicago leads the logistics race and is considered the hub of Future Logistics Tech.
Chicago Leading The Race
As per the World Business Chicago Bulletin, this industry, home to Chicago, helps generate $24 billion per year and has an employment capacity of around 260,000 individuals. Chicago also leads the race when it comes to the number of firms located in the city; approximately 16,000 TD&L firms are stationed in Chicago, making it the leading city with the highest number of firms. Because of this, National Venture investments continue to take place in this sector.
There are a lot of factors that have aided the city in becoming the leading logistics hub, including the infrastructure that has helped in maintaining this busy activity. Also, the business owners have benefited from the historic strengths and fast-paced technological advancement to further their goals and subsequently bring the city to the top.
The Upcoming Startups
While there are numerous startups in this industry that are up and coming, some of the well-established businesses are also making the move to Chicago, where they can provide the necessary exposure to their companies and businesses. Just like the following:
1. Uber Freight
Uber Freight was originally situated in San Francisco, but the business owner decided to expand the business further by moving to Chicago and establishing its global home base there. Similarly, Loadsmart also relocated its headquarters from New York to Chicago. The CEO of Loadsmart stated that since Chicago is the center of freight logistics, it would be an ideal city for the business to improve its service and be able to make transport sustainable and efficient.
2. Project 44
This firm is one of the upcoming startups that is seeing great success and is rapidly growing. This firm gives the services to span the entire shipment workflow. It has managed to raise $202 million in the Series E round and $420 million in the Series F funding. Now project 44 is valued at $2.2 billion!
Meet Bringg, a company that provides an open delivery management platform and is now growing the delivery capacity, providing branded customer experience, and reducing last-mile costs. With this idea at hand, it has managed to raise $100 in the Series E round.
And there’s a lot more than that! Chicago is enjoying and will continue to enjoy more success in the TD&L industry.
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