CloudTrucks is a unique tech-driven trucking player. It confirms funding of $115 million as part of its Series B funding round. This has taken the valuation of the company to $850 million. The core investors include Tiger Global and Menlo Ventures along with Michael Ovitz, Eric Wu (CEO at Opendoor), and Flexport. The company will use these funds to ramp up expansion while enabling entrepreneurs and smaller trucking companies to streamline administrative issues while generating higher revenues simultaneously.
The deal comes after the Series-A round of $20.5 million in December 2020. It has raised $141.6 million cumulatively till date. The Series B round comes after follow-on investments from Craft Ventures, Caffeinated Capital, BTV, Abstract, Khosla Ventures, and Kindred Ventures. The company will use these investments for scaling up its capabilities and growing its technology to cater to the requirements of drivers, increasing the team, and widening its digital interactions with shippers and brokers.
The CEO and Co-Founder at CloudTrucks, Tobenna Arodiogbu, states that almost every economic category depends on drivers for the transportation of items. The company is also looking at utilizing its funds for greater optimization of the trucking segment, particularly with the growing demand for new truck drivers. The company has already witnessed the growth of eight times load numbers on its platform while understanding the importance of offering total business solutions for drivers.
CloudTrucks has viewed trucking as the backbone of the nation while striving to offer top-class services and tools that enable drivers to earn more profits with lower problems. This is the view of the Partner at Tiger Global Management, John Curtius. CloudTrucks has also launched three offerings, namely Business Intelligence, Flex, and CT Cash. The latter is for drivers looking to get faster payments and meet cash-flow limitations, while the former is a dashboard that offers driving performance, revenue, personal costs, and other data. The Flex line-up is helpful for smaller trucking entities.