(Kyle Wiggers – Venture Beat)
Managing trucking fleets isn’t a walk in the park. According to a recent survey conducted by Littler Mendelson, 75% of employers say that their companies find it difficult to comply with the patchwork of state and local requirements. And while freight demand is stronger than ever — the American Trucking Association forecasted last year a 35.6% increase in shipment volumes by 2029 to 21.7 billion tons — there’s a driver shortage, with high turnover at least partially to blame.
Obaid Khan, Ryan Johns, and Shoaib Makani cofounded KeepTruckin in 2013 to address a few of those challenges, and they’ve had a good deal of success. In a little over five years, they’ve attracted tens of millions in venture capital from a bevy of investors, and they today announced the closure of a fresh financing round that catapults KeepTruckin to “unicorn” status.
The San Francisco startup raised $149 million in series D funding led by Greenoaks Capital, with participation from existing investors IVP, GV, Index Ventures, and Scale Venture Partners, bringing its total raised to $228 million following a $50 million series C last year. Makani said the fresh funds will be used to fuel the company’s continued growth through hiring, to invest in hardware and machine learning (specifically asset management tools), and to establish new partnerships.
“Our mission is to connect the world’s trucks and fundamentally improve the safety and efficiency of the trucking industry. We believe that if you can model the past, you can predict and even shape the future,” he added. “Our platform unlocks the data that makes this vision possible.” Click here to read more.