TruckSmarter Announces $50 Million in Debt Financing to Continue Empowering Drivers Across the Trucking Industry
July 18, 2024
Source: Yahoo Finance
SAN FRANCISCO, July 15, 2024 /PRNewswire/ -- TruckSmarter, a digital platform designed to assist owner-operators and trucking companies in optimizing their operations, today announced the close of a $50 million debt facility, with the option to scale to $100 million, led by CoVenture. The funding will allow TruckSmarter to continue to scale its suite of financial services to further empower truck drivers to build, manage, and grow their businesses.
TruckSmarter leads the industry in offering driver-first solutions, serving as a one-stop shop of financial services for truck drivers, owner-operators, and fleets. With TruckSmarter, truck drivers have access to a 100% free load board, transparent freight factoring, fuel discounts, and banking services. Designed and built for truck drivers, the app streamlines their workflows, quickens payment processes, and gives owners easier access to the capital they need to run their businesses.
"The pandemic reminded the world just how critical the trucking industry is to our daily lives and why maintaining a healthy supply chain is key," said Daniel Kao, co-founder and CEO of TruckSmarter. "In order to transform the logistics industry, we must focus on its backbone – truck drivers. TruckSmarter is committed to providing tailored products and tools to truck drivers that streamline their day-to-day operations, increase earnings, make their lives easier, and, in turn, improve all of our lives."
"Amid challenges for the trucking industry over the past several years, TruckSmarter has demonstrated how technological innovation and its commitment to drivers is pivotal when developing a disruptive solution that addresses industry needs," said Lei Tie, Managing Director of CoVenture. "We could not be more excited about partnering with the TruckSmarter team as they embark on this next stage of growth and as the industry makes its recovery."
TruckSmarter was founded by a team of freight and fintech experts, including CEO Daniel Kao and CTO Paolo Bernasconi. TruckSmarter has brought on hundreds of thousands active users since it was founded in 2021, and has seen >4x YoY revenue growth. To date, TruckSmarter has received a combined $94 million in equity and debt financing, with the option to scale to $144 million.
About TruckSmarter
TruckSmarter is the one-stop shop for truck drivers and owner-operators to build, manage, and grow their businesses. The free platform helps drivers earn more and hold onto more of their money through a powerful suite of financial services and tools:
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a free load board to find and book loads
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fuel discounts up to $1.50/gal
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simple, transparent factoring
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banking tools
Learn more atwww.trucksmarter.com.
About CoVenture Management
CoVenture Management, LLC ("CoVenture") is a privately held alternative asset management firm focused on direct credit opportunities and credit-oriented investments in early and later-stage companies. The firm has two primary areas of focus: Credit Opportunities, through which CoVenture provides asset-backed debt capital to technology-driven companies; and Hybrid Capital Solutions, a flexible mandate to make bespoke investments in later-stage businesses seeking growth capital or non-traditional liquidity solutions. For more information visit https://coventure.vc/.