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

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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Published on May 15, 2020May 15, 2020

3 mins read

Black Owned Trucking Company Partners With Uber to Help Drivers Get Trucking Jobs

CloudTrucks is a Black owned trucking company that combines software engineering, and data science to help truck drivers keep more money in their pockets, faster and with fewer headaches.

They operate as a virtual trucking carrier that helps owner-operators maintain their independence while providing them with the back office support that is typically reserved for a large carrier.

On May 5th, the company announced a partnership with Uber Freight and COOP by Ryder to help qualifying rideshare drivers on the Uber platform break into the freight industry and keep essential goods moving across the country.

How it works:

Rideshare drivers on the Uber platform who have a valid commercial driver’s license (CDL), will be able to earn with the support of CloudTrucks.

As a leased-on driver on CloudTrucks, they will be able to use the CloudTrucks app to search for and book loads from top freight brokers including Uber Freight. Drivers can apply at app.cloudtrucks.com and can learn more about Uber Freight here.

For truck drivers with their own equipment:

Drivers will be able to sign up for CloudTrucks and lease on to our authority. As a leased-on driver on CloudTrucks, they will get access to the CloudTrucks mobile app to manage and book loads from major brokers around the country, free instant payment from CloudTrucks, cheaper insurance options as well as other key features to run their business smoothly.

For truck drivers without their own equipment:

CloudTrucks has partnered with COOP by Ryder to enable drivers to lease a tractor and trailer. CloudTrucks will handle the deposit so drivers can get up and running quickly and easily.

“Truck drivers are the backbone of our economy, and communities are depending on them now more than ever,” says Laurent Hautefeuille, Head of Business Development and Strategy & Planning at Uber Freight. “Our objective at Uber Freight is to support all truck drivers whether they are industry veterans or just starting out, and we hope this partnership with CloudTrucks and COOP by Ryder will open up more opportunities for those already on the Uber platform.”

Founder/CEO Tobenna Arodiogbu commented, “Thank you to all of the truck drivers around the country who have continued to ensure that our supply chain continues to run smoothly during these difficult times. We are looking for more ways to help. Please let us know if you have ideas.”

If you are not a rideshare driver on the Uber platform and you are interested in CloudTrucks, you can sign up at their website

-Tony O. Lawson

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