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].”
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.