AUSTIN, Texas & SEATTLE--(BUSINESS WIRE)--Outpost (www.outpost.us), a leading network of managed semi-truck parking facilities, today announced that it has raised $12.5 million in Series A funding, led by GreenPoint Partners with support from Speedwagon Capital Partners, to accelerate expansion of its managed properties and technology platform. Founded in 2021 as Semi-Stow, the company also unveiled its new Outpost brand today, reflecting its growing network of strategic locations for trucking companies to securely store their assets and expand their geographic footprint.
Outpost’s funding comes as the nation’s 3.5 million truck drivers contend with acute parking shortages. According to the American Trucking Associations (ATA), there is currently only one parking space for every 11 trucks on the road.1 Drivers spend nearly an hour every day to find parking, amounting to a 12% annual pay cut in addition to the economic and environmental impacts of wasted fuel.2 This forces drivers to park in unsafe and unauthorized locations or violate federal hours of service regulations that require rest breaks at specific times.
Headquartered in Austin with an engineering hub in Seattle, Outpost is working to solve these problems by rapidly expanding its network of 18 properties and 8,000 parking spaces. In 2023, the company opened 10 new fleet yards and is projecting to more than double the number of properties under management in 2024. This anticipated growth will be fueled by Outpost’s direct acquisition of real estate and through the company’s management of a $500 million industrial outdoor storage investment portfolio launched by GreenPoint last year. In addition to its managed facilities, Outpost operates a brokerage arm that helps trucking companies find secure parking anywhere in the US—the brokerage business currently includes 20 additional yards managed by Outpost partners.
“Truck parking is essential infrastructure for our supply chain and the US economy—no different from roads and bridges,” said Trent Cameron, Outpost co-founder and CEO. “This infrastructure will evolve beyond parking in the years ahead to include maintenance, electric vehicle charging, autonomous vehicle landing, office space, and other essential services. The first step toward that future is building a nationwide network of outposts for truck parking, fleet positioning, and drop trailer relays, and today’s funding will help us accelerate these efforts.”
In a fragmented and traditionally non-digital industry, Outpost is building a consistent and modern customer experience across its locations. In addition to introducing standards for access control and safety, the company is deploying a technology platform that enables trucking companies to book and manage reservations online, manage driver access to each facility, monitor equipment through real-time and on-demand video feeds, get detailed reports on usage, and improve the efficiency of their parking and storage spend. For parking lot owners, Outpost’s technology platform and asset management service streamline operations, resulting in higher occupancy and returns without the need to source new business.
Outpost serves many of the largest fleets in the nation, including Landstar, Werner, Prime Inc., FirstFleet, PAM Transport, Dot Transportation, Western Flyer Xpress, and Riverside Transport, as well as more than 1,500 midsized fleets and small trucking companies. The company also increasingly works with other segments that have commercial vehicle storage needs. These include semi-truck and trailer manufacturers, leasing companies and dealerships, moving companies, bus companies, public transport entities, heavy equipment manufacturers, and utilities providers.
“Real estate has traditionally been an operational constraint and capital liability for trucking companies—Outpost is turning it into a competitive advantage and a degree of freedom,” said Chris Green, founder and CEO of GreenPoint. “In the last year, the company has built a top-notch bench of talent and demonstrated its ability to profitably scale while addressing an urgent issue that directly impacts our economy and the safety of every driver on the road. We see tremendous opportunity for Outpost in the years ahead and are excited to extend our investment and partnership.”
About GreenPoint
GreenPoint is an alternatives investment firm that invests at the intersection of real assets, technology and sustainability. Founded in 2019 by Chris Green and headquartered in New York, the firm is deploying complementary strategies across technology investing and private equity to integrate the disparate worlds of real assets and technology. Green has 20 years of real assets experience, including 16 years at Macquarie Capital where he was the global head of real estate. The firm's activities are supported by a team of investors and operating partners who bring decades of experience in technology, real estate investing and operations at top firms. Visit us at www.greenpointpartners.com.
About Outpost
Outpost is a leading network of truck parking facilities, with 18 locations and more than 8,000 spaces. We help asset carriers, private fleets, and owner-operators use truck parking as a flexible part of their transportation infrastructure without the need for major capital investments. Our network of yards provides trucking fleets with secure locations for their drivers and cargo, hassle-free access to each location, consistent billing, and visibility into their assets and reservations. For trucking companies looking to expand operations and better serve your customers, contact us at outpost.us.
1 American Trucking Associations (ATA) and Owner-Operator Independent Drivers Association (OOIDA) joint letter to United States Secretary of Transportation Pete Buttigieg, February 2022.
2 Managing Critical Truck Parking Case Study: Real World Insights From Truck Parking Diaries, American Transportation Research Institute, December 2016.
