X Marks The Spot: Chicago Is The Epicenter for the Nation’s Fastest Growing Companies In Logistics And Transportation

Chicago uniquely thrives as a tier one global tech and innovation powerhouse, where home-grown startups are reinventing and reimagining industries overnight. Chicago’s thriving tech and startup ecosystem has access to one of the largest concentrations of Fortune 500 HQs, globally-ranked startup incubators and accelerators, and premier universities and two national labs. We’re both a B2B powerhouse, and an emerging hub for consumer tech and marketplaces. As the most diverse economy in the United States, Chicago founders are world-class innovators across several high-growth sectors like logistics, healthcare and life sciences, food and agriculture, and advanced manufacturing.  It’s no surprise that Chicago is home to the highest number of the fastest growing Logistics companies in the US.  Companies in Chicago are outpacing those in New York, California, and Texas.

Inc. 5000 Chicago’s Logistics and Transportation Companies

Data Source: Inc. 5000

Chicago surpasses other major metros across the nation in the number of fastest growing companies: 22 across a diverse placement in rankings. That’s the same number of companies as the entire state of New York and California, combined.

The growth of Chicago’s Logistics Tech has attracted multiple key industry players, and more growth capital — venture capital, private equity for growth, and corporate venture capital — is being attracted as these companies grow larger and more valuable.

This cycle of attraction and growth becomes clear when looking at deal flow and overall investment into Chicago’s Logistic Tech companies: Chicago has seen the most logistics tech growth in the U.S. with growth capital investment increasing 802% between 2019 and 2021. As of August 31st, Logistics Tech firms have raised $689M in growth capital in 2022. Moreover, at a time when the unicorns trend is being questioned, Chicago’s Logistic Tech companies are demonstrating consistent valuations.

Chicago is Home To 22 Total Unicorns

In 2022, Chicago welcomed 2 new Unicorns, Loadsmart and FourKites, in the logistics and transportation industry which is the biggest unicorn-producing industry.

Data Source: Pitchbook

All of this activity has led World Business Chicago to host the city’s flagship startup and venture capital conference, the Chicago Venture Summit Future-of-Logistics, at 167 Green in Chicago’s Fulton Market District this October 5-6, 2022. The summit will connect local founders with venture capital firms, investors, and Fortune 500 leaders; showcasing the city’s thriving logistics startup ecosystem, and promote Chicago as a global destination for founders, innovators, and investors.

Readers can learn more about Chicago’s Logistics Tech ecosystem from World Business Chicago’s Research Center publication, Chicago Business Bulletin.