The growing list of trucking bankruptcies has attracted an important new entrant from the tech-forward side of the business: Zuum.
The startup, which has been operating since 2021, filed for Chapter 11 bankruptcy protection Thursday in federal bankruptcy court for the Central District of California. Zuum is based in Irvine, California.
In Zoom’s bankruptcy petition to the court, assets of 10 to 50 million dollars and debts of the same amount were mentioned.
The company’s top 20 unsecured creditors list brokers for 19 of the 20 slots. The largest is Metropolitan Logistics Co. of Shelby, Michigan with an unsecured claim of $303,867. The smallest of the 20 cases is Ra Logistics of Sterling Heights, Michigan, with a $139,650 malpractice claim.
One of Accion Labs Us Inc.’s top 20 non-brokers. From Bridgeville, Pennsylvania. Its unsecured claim is $421,635. The company offers several services including cloud and platform engineering as well as data and artificial intelligence solutions.
ZUUM offers several services: a TMS for both shippers and carriers, software for brokers and an app for drivers that connects with its core product, the Logistics Super Platform.
“These tools enable customers to increase the efficiency and effectiveness of their logistics operations while automating their transportation networks,” the company says of its offerings on its website. “Our vision is to optimize logistics and simplify supply chains globally by consolidating the industry.”
Emails sent to Zuum Portal and Zuum’s attorney, which was filed in bankruptcy filings with the court, were not answered by the time of publication.
Zuum’s last two funding rounds were $12.58 million in October 2021 and $22 million in February, according to the company’s website. Its founder and CEO is Mustafa Azizi.
A trip through the PACER system of other logistics-related bankruptcy filings in the past two weeks shows mostly small operators filing for protection: Supra Transportation of Springboro, Ohio, with 2 units; Transport Burton Kansas City with a power unit. CDR Trans of Myrtle Beach, SC, with two power units. and Hadnot Logistics Rockwall, Texas, with 2 units of force.
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