SAN FRANCISCO--(BUSINESS WIRE)--CloudTrucks, the first-of-its-kind technology-driven trucking company, today announced that it secured $115 million in Series B funding, totaling CloudTrucks’ valuation to $850 million. The round was led by Tiger Global with participation from Menlo Ventures. The round also includes investment from Flexport as well as angel investors Michael Ovitz and Opendoor CEO Eric Wu, and will enable CloudTrucks to accelerate its expansion as it helps small trucking businesses and entrepreneurs streamline administrative bottlenecks and keep more revenue.
This accompanies CloudTrucks’ $20.5 million Series A funding round in Dec. 2020, reaching $141.6 million in total capital raised. The Series B round includes follow-on investment from Caffeinated Capital, Craft Ventures, Khosla Ventures, Abstract, BTV, and Kindred Ventures. The company will use its latest investment to amplify its existing capabilities, expand its technology to meet the needs of more drivers, grow its existing team, and broaden its digital integration with brokers and shippers.
“Nearly every sector of the economy relies on drivers to transport its goods and we are eager to use this latest round of funding to continue optimizing the trucking business—especially as our country needs new truck drivers more than ever,” said Tobenna Arodiogbu, co-founder and CEO, CloudTrucks. “We’ve seen the number of loads completed on our platform grow 8x since last year, and we recognize the importance of providing a complete business-in-a-box solution for drivers to make the most of every run.”
“CloudTrucks has always seen the trucking industry as the backbone of America and has made it its mission to create world-class tools and services that empower truck drivers to make a greater profit with fewer headaches,” said John Curtius, Partner, Tiger Global Management. “We’re excited to see the company continue to transform some of the industry’s broken practices like antiquated payment services and processes.”
Over the past year, CloudTrucks launched three new products to solve unique business challenges in the trucking industry: CT Cash, Flex, and Business Intelligence. CT Cash is designed for drivers who are looking to get paid faster and alleviate cash-flow constraints, providing instant pay and cash card options in addition to receiving cash advances. Similar to Virtual Carrier, CloudTrucks' existing product for independent owner-operators, the new Flex product line is designed exclusively for small trucking businesses and those drivers who are not looking to drive under CloudTrucks' authority. Additionally, CloudTrucks’ Business Intelligence dashboard provides a comprehensive breakdown of a driver’s performance, personal expenses and revenue for drivers to better determine how they can yield the most profit.
“We’re thrilled to fund the next generation of drivers as CloudTrucks lowers the barrier of entry to trucking,” said Steve Sloane, Partner, Menlo Ventures. “Menlo has long held an interest in companies streamlining the supply chain and believes CloudTrucks is uniquely positioned to set drivers up for success at a time when they’re more indispensable than ever. Tobenna knows how to deliver a standout solution and I’m confident that he will continue to bring state of the art technology and digital experiences to one of the largest and most critical workforces in the U.S.”
About CloudTrucks
From instant payments to smart load scheduling and competitive rates, CloudTrucks empowers small trucking businesses and entrepreneurs to make the most of every run. Created by Tobenna Arodiogbu, Jin Shieh and George Ezenna in 2019, CloudTrucks uses technology to streamline administrative bottlenecks—making it easier for drivers to run their business and produce more revenue. To join CloudTrucks’ growing network, visit: https://www.cloudtrucks.com/.
About Tiger Global
Tiger Global Management, LLC is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries. The firm's private equity strategy was launched in 2003 and has invested in hundreds of companies across more than 30 countries, in all stages of funding – from Series A to pre-IPO. The venture business aims to partner with dynamic entrepreneurs operating market-leading growth companies; examples include JD.com, Meituan, Facebook, LinkedIn, Spotify, Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby Parker, Flipkart, Despegar, Ola and DiDi. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Beijing, Singapore and Bangalore. For more information on Tiger Global Management, visit: https://www.tigerglobal.com/.
About Menlo Ventures
Menlo Ventures is a venture capital firm that strives to have a positive impact on everything we do. That’s why we support businesses including Benchling, Chime, Carta, Poshmark, Uber, and Roku that are reimagining life and work for the better. Over 43 years, we’ve grown a portfolio that includes more than 70 public companies, over 100 mergers and acquisitions, and $5.5 billion under management. We invest at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. From developing market strategies to creating communities, we provide real impact where entrepreneurs need it most. When we’re in, we’re all in. www.menlovc.com
