G&W invests in last mile technology business
USA: International rail freight group Genesee & Wyoming Inc has invested in Cargomatic, a technology platform which connects freight shippers and road hauliers with a focus on short-haul markets. Terms were not disclosed.
Cargomatic currently operates in Los Angeles, San Francisco, Chicago, Seattle, Dallas, Houston and New York, but it plans to expand across the USA and internationally.
‘We are pleased to add the Cargomatic platform as an extension of G&W’s rail service at terminal and transload locations across G&W’s US rail network and to work with the Cargomatic team as they expand internationally to Europe and Australia’, said G&W Chief Commercial Officer Michael Miller on February 7. ‘By extending our first and last mile service offering, Cargomatic not only improves the efficiency of first and last mile logistics between rail and road, but it also simplifies the multimodal touchpoints for our customers.’
Cargomatic CEO Richard Gerstein said the relationship with G&W would ‘set the stage for what we view as the semi-autonomous future of transportation: scalable long-haul rail, one train hauling hundreds of containers and railcars, with local, human powered pickup and delivery.’