Showing 3 results for:
Funding News
Popular topics
All results
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.
Last week, AfroTech reported that Byron Allen was poised to acquire Tegna in a deal worth $8 billion. Now, however, a new report reveals that the CEO of Allen Media Group has successfully raised $10 billion in a bid to acquire Tegna and engage in some debt management. Reuters is reporting that the deal Byron Allen has put together is backed by 14 banks and 10 investors, including Ares Management Corp, Fortress Investment Group, Oaktree Capital Management, and Michael Milken’s family office. “Ares is leading a $2.2 billion preferred equity investment in support of Allen’s financing package, another of the sources added. Tegna could choose a winning bidder as early as this month, the sources said,” reports the outlet. Byron Allen is said to be going up against investment firms Apollo Global Management Inc. and Standard General LP, but Allen is still poised to be the favorite winner, according to the report. However, New York Post reports that prior to Byron Allen raising the money...