Black Owned Trucking

Black Owned Trucking Startup, CloudTrucks Raises $115 Million, Now Worth $850 Million

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CloudTrucks, a Black owned trucking startup that helps truck drivers make more money, optimize their schedules, find better-paying loads, and manage their businesses for better financial health and a more successful and empowering life.

Launched in May 2020, the company caters to the 3.4 million small or single-person businesses run by independent truckers.

“The trucking industry is truly the backbone of America, yet small independent truckers are at a major disadvantage due to lack of technology solutions and increasing operating costs, such as insurance and maintenance,” said Tobenna Arodiogbu, founder and CEO of CloudTrucks.

“We empower truck drivers who want to be independent and help them develop strong relationships with vendors [truck rental and leasing companies, insurance, brokers and shippers].”

black owned trucking Startup
Tobenna Arodiogbu, founder and CEO of CloudTrucks

On Tuesday, CloudTrucks announced that it had raised $115 million. The new funding values the San Francisco-based startup at $850 million.

Tiger Global and Menlo Ventures led the latest CloudTrucks funding round, while freight forwarding platform Flexport also participated, as did previous investors Khosla Ventures, Caffeinated Capital and David Sacks’ Craft Ventures. The company will use the money to enhance its suite of product features.

“We believe that the future of the trucking industry lies in the hands of the trucking entrepreneurs, and with this new investment, the largest ever dedicated to building business management solutions for trucking entrepreneurs, we intend to help build that future,” said CloudTrucks CEO Tobenna Arodiogbu in a blog post announcing the investment.

Tony O. Lawson


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16 Comments

  1. I’m Happy for everyone, but how can I get help with Startup. I recently started my own hotshot trucking company, would like to expand my efforts by 1st getting a semi. I’m a hard worker but this hotshot is not progressing much.

    • Start by getting a CDL-A license, then get some training, at least 2-3 months. That is where you start.

  2. I have my DBA. Tax Id.
    Location. Pc ‘s ready to work . I have been otr. Since 2005. I now want to broker and have some knowledge in this. But know I need more. Want a on hands class. Possible work and train in the az area .can anyone direct me?

  3. I am a widow now I’m 52 years of age doesn’t have my class a license and no one is willing to help me start up my truck driving business I need your help

  4. I’m getting ready to start a hot shot trucking company how can I get help with Start-up? I would like to start out with 2 box trucks and then add a semi.

  5. My husband has own truck and LLC, but still has to pull for a company…start-up money went into his used truck repairs etc….now with a company where dispatchers pick and chose who they want to give the good loads to. Please help with any advice on how to get his business up and running successfully.

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