Virtual trucking carrier CloudTrucks has secured a $115 million Series B funding round on a reported $850 million valuation, according to Forbes.
The Black-owned company was founded in 2019 by Tobenna Arodiogbu, Jin Shieh and George Ezenna. CloudTrucks provides a tech platform that helps small trucking businesses manage their administrative duties, including scheduling, instant payments, expense tracking and more. The startup plans to use the fresh funding to expand its operations across the U.S., grow its team and further build out its proprietary tech.
“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,” Arodiogbu, CloudTrucks Co-founder and CEO, said in a press release.
New Products and Growth
Arodiogbu said that the company has seen the number of loads completed on its platform grow eight times compared to last year. This growth comes as CloudTrucks launched three new products last year: CT Cash, Flex, and Business Intelligence. These new tools are helping truck drivers manage cash flow, run their business under their authority and review their driver performance over time.
CloudTrucks’ Series B round was led by Tiger Global with participation from Menlo Ventures, Flexport, Michael Ovitz, and Opendoor CEO Eric Wu. The round also includes follow-on investments from Caffeinated Capital, Craft Ventures, Khosla Ventures, Abstract, BTV and Kindred Ventures. This Series B comes after CloudTrucks closed a $20.5 million Series A in December 2020. The company has raised $141.6 million in venture capital to-date.
“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 Tiger Global Management Partner, John Curtius, in a statement. “We’re excited to see the company continue to transform some of the industry’s broken practices like antiquated payment services and processes.”