Tobenna Arodiogbu, Founder of Trucking Startup CloudTrucks, Closes $20.5M Series A Round
Photo Credit: Courtesy of Tobenna Arodiogbu
CloudTrucks, a startup launched in 2019 by Nigerian founder Tobenna Arodiogbu, just announced raising $20.5 million in a Series A round led by Caffeinated Capital. Craft Ventures, Khosla Ventures, Kindred Ventures, Better Tomorrow Ventures (BTV), Abstract Ventures, and SciFi Ventures, also participated in the round.
Along with the funding announcement, they unveiled two new products, CTCash and Schedule Optimizer.
We're lucky to be able to work with such an incredible community of drivers every day. CloudTrucks CEO @TobennaA shares his thoughts on our $20.5M Series A, the launch of CT Cash, and how we're working with drivers to build the carrier of the future. https://t.co/za2goDZkLe
— CloudTrucks (@CloudTrucks) December 16, 2020
According to CloudTrucks, Schedule Optimizer “allows drivers to optimize their schedules for maximum efficiency and revenue.”
In the announcement, they describe CTCash, their newest product, as “a first of its kind free instant-pay solution for truck drivers on the CloudTrucks network. CT Cash is fully integrated into the CloudTrucks app and built-in collaboration with Visa and Stripe. We built CT Cash to solve a critical cash-flow problem for truck drivers who often have to wait up to 30-45 days for payments, chase down brokers to get invoices paid, or work with factoring companies that charge 3% or more.”
According to the company’s website, the CloudTrucks app — launched in May 2020 — has completed “over 1,000 long-haul deliveries, grown 40% month-over-month, and completed over $1.8M in freight transactions” during the past six months.
For more information on CloudTrucks’ latest round and products, click here.