Financing will enable the company to expand
its suite of financial services to make drivers' lives
easier
SAN FRANCISCO, July 15, 2024 /PRNewswire/ -- TruckSmarter, a
digital platform designed to assist owner-operators and trucking
companies in optimizing their operations, today announced the close
of a $50 million debt facility, with
the option to scale to $100 million,
led by CoVenture. The funding will allow TruckSmarter to continue
to scale its suite of financial services to further empower truck
drivers to build, manage, and grow their businesses.
TruckSmarter leads the industry in offering driver-first
solutions, serving as a one-stop shop of financial services for
truck drivers, owner-operators, and fleets. With TruckSmarter,
truck drivers have access to a 100% free load board, transparent
freight factoring, fuel discounts, and banking services. Designed
and built for truck drivers, the app streamlines their workflows,
quickens payment processes, and gives owners easier access to the
capital they need to run their businesses.
"The pandemic reminded the world just how critical the trucking
industry is to our daily lives and why maintaining a healthy supply
chain is key," said Daniel Kao,
co-founder and CEO of TruckSmarter. "In order to transform the
logistics industry, we must focus on its backbone – truck drivers.
TruckSmarter is committed to providing tailored products and tools
to truck drivers that streamline their day-to-day operations,
increase earnings, make their lives easier, and, in turn, improve
all of our lives."
"Amid challenges for the trucking industry over the past several
years, TruckSmarter has demonstrated how technological innovation
and its commitment to drivers is pivotal when developing a
disruptive solution that addresses industry needs," said Lei Tie,
Managing Director of CoVenture. "We could not be more excited about
partnering with the TruckSmarter team as they embark on this next
stage of growth and as the industry makes its recovery."
TruckSmarter was founded by a team of freight and fintech
experts, including CEO Daniel Kao
and CTO Paolo Bernasconi.
TruckSmarter has brought on hundreds of thousands active users
since it was founded in 2021, and has seen >4x YoY revenue
growth. To date, TruckSmarter has received a combined $94 million in equity and debt financing, with
the option to scale to $144
million.
About TruckSmarter
TruckSmarter is the one-stop shop for truck drivers and
owner-operators to build, manage, and grow their businesses. The
free platform helps drivers earn more and hold onto more of their
money through a powerful suite of financial services and tools:
- a free load board to find and book loads
- fuel discounts up to $1.50/gal
- simple, transparent factoring
- banking tools
Learn more at www.trucksmarter.com.
About CoVenture Management
CoVenture Management, LLC
("CoVenture") is a privately held alternative asset management firm
focused on direct credit opportunities and credit-oriented
investments in early and later-stage companies. The firm has two
primary areas of focus: Credit Opportunities, through which
CoVenture provides asset-backed debt capital to technology-driven
companies; and Hybrid Capital Solutions, a flexible mandate to make
bespoke investments in later-stage businesses seeking growth
capital or non-traditional liquidity solutions. For more
information visit https://coventure.vc/.
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SOURCE TruckSmarter