TN: FreightWaves to Invest $3.9M Expand, Add 260 Hamilton County Jobs
12 Oct, 2018
Tennessee Gov. Bill Haslam, Department of Economic and Community Development Commissioner Bob Rolfe and FreightWaves officials announced that the company will expand its operations in Chattanooga.
The transportation and logistics data and content provider will invest $3.9 million in the expansion and create 260 new jobs in Hamilton County.
“I thank FreightWaves for choosing to expand its operations in Chattanooga and creating 260 new jobs in Hamilton County,” Haslam said. “The transportation and logistics industry in Tennessee continues to gain momentum with more than 245,000 Tennesseans employed in this sector. When companies like FreightWaves continue to invest in our state, it will help Tennessee lead in the creation of high quality jobs.”
“Since 2011, more than 12,000 jobs have been created in Hamilton County, and I appreciate FreightWaves for adding 260 new jobs in Chattanooga,” Rolfe said. “FreightWaves currently employs approximately 50 people at its Chattanooga facility and with this expansion, they are growing their workforce exponentially. I thank the company for making this substantial expansion in Hamilton County and look forward to seeing FreightWaves’ continued success in our state.”
FreightWaves delivers data analytics, news and commentary, innovation engagement and risk management tools to the transportation and logistics industry. FreightWaves helps participants navigate freight markets through FreightWaves.com, ranked by Amazon Alexa as the No. 1 logistics news site globally.
"A major reason why FreightWaves has become one of the fastest-growing technology startups in the country is the talent and experience of our Chattanooga-based team,” FreightWaves CEO Craig Fuller said. “Steve Case, the internet pioneer and venture capital investor recently described Chattanooga as the ‘Silicon Valley of Trucking’ and highlighted Chattanooga as an ideal place to build a market data business for the freight industry because of the significant role the city plays in the future of the industry. The city also has one of the highest concentrations of individuals connected to the freight sector in North America. Not only is Chattanooga a great place for any technology startup, the city and the State of Tennessee offer FreightWaves an unparalleled advantage in the freight industry. We are excited to continue our growth in Chattanooga and the support of the city and state will help us accelerate our global reach."
FreightWaves plans on expanding its current operations in Chattanooga to keep up with the growing demand for its products and services. The company plans on adding nearly 22,000-square-feet to its facility in Hamilton County.
Local leaders thanked FreightWaves for its investment in Hamilton County.
“Hamilton County startups are growing and this significant expansion by FreightWaves further validates Hamilton County as a place to build high growth businesses. We’re proud of their success, especially after the national recognition they enjoyed after the Rise of the Rest program visited here in May,” Hamilton County Mayor Jim Coppinger said.
“The expansion by FreightWaves in downtown Chattanooga will continue to build on the growing success of our Innovation District over the next several years,” Chattanooga Mayor Andy Berke said.
The Chattanooga Chamber of Commerce and the Chattanooga City Council also supported FreightWaves’ expansion in Chattanooga.
Chattanooga and Hamilton County are represented by Sen. Todd Gardenhire (R – Chattanooga), Sen. Bo Watson (R – Hixson), Rep. Mike Carter (R – Ooltewah), Rep. JoAnne Favors (D – Chattanooga), Rep. Patsy Hazlewood (R – Signal Mountain) and Rep. Gerald McCormick (R – Chattanooga) in the Tennessee General Assembly.
FreightWaves, based in Chattanooga, is the leading provider of news, data, and near-time analytics for the global freight industry. The company’s website receives more than 1.5M page-views each month and through a network syndication partnership delivers freight market commentary and news to a monthly audience of over 200 million, according to Meltwater. The company SaaS data product aggregates millions of data points on a daily basis, publishing them into more than 30,000 time-series incides that provide the state of the freight market within the past 24 hours. The speed and exclusive nature of the data enable shippers, motor carriers, and freight brokers to understand where the freight market is faster than any other source, giving them an unparalleled view of the market. The company is listed as a top 100 startup according to Crunchbase, one of the fastest growing according to Pitchbook, winner of the Rise of the Rest, and as an FIA Innovator of the Year. To learn more visit: www.freightwaves.com.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter and Instagram: @tnecd. Like us on Facebook: facebook.com/tnecd.