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Venture Capital
trucks.vc

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Investments

46

Portfolio Exits

4

Funds

4

Service Providers

1

About Trucks VC

Trucks VC funds a future of autonomous, connected, and shared vehicles. The firm's strategy is to back the entrepreneurs changing transportation. It is now quite clear that the tech giants (Google and Apple), the automotive upstarts (Uber and Tesla), and the automotive incumbents (GM, Ford, VW, and Toyota) are all racing toward the same goal: autonomous, connected, shared vehicles. None of these companies currently have all of the pieces (sensors, maps, driving behaviors, HMI, manufacturing, and distribution), but they collectively have $800B cash on hand and a historic pace of 300 acquisitions per year. The firm was designed to fund these critical startups that enable the future of transportation.

Trucks VC Headquarters Location

500 3rd Street Suite 215

San Francisco, California, 94110,

United States

313-799-3349

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Latest Trucks VC News

Denim, a fintech platform for freight brokers, raises $126M in equity and debt

Sep 15, 2022

Denim, the fintech platform for freight and logistics formerly known as Axle Payments, today announced that it raised $126 million in a Series B funding round led by Pelion Venture Partners with participation from Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashiond Ventures at a “nine-figure” valuation. CEO and co-founder Bharath Krishnamoorthy tells TechCrunch that the new cash, a combination of equity ($26 million) and debt ($100 million), will be put toward scaling the business and providing Denim’s customers with working capital. Krishnamoorthy and Denim’s other co-founder, Shawn Vo, had been friends for 16 years before they launched the company. Vo was in the credit risk department at Barclays and a full-stack developer at Fintria, a fintech company, while Krishnamoorthy was an associate at several law firms including Gibson, Dunn & Crutcher. “We witnessed a significant gap in the freight broker market, where legacy systems — i.e., paper checks, physical filing — were still in place, and developed an intuitive payments technology to help streamline broker operations and attract the best carrier relationships through the platform,” Krishnamoorthy told TechCrunch via email. To that end, Denim provides financial products, operations tools, and automated workflows for freight brokers — the middlemen between shippers and carriers. The company handles broker invoicing, collections, and payments and in addition provides access to debt financing. “The industry has shown reluctance to abandon its legacy processes — many shippers still pay freight brokers on 30-60 day terms despite carriers expecting near-instantaneous payments. These longer time frames can create cash flow problems,” Krishnamoorthy added. Managing jobs in Denim. Denim uses algorithms to reduce the amount of time its operations team spends evaluating the risk of invoices it purchases from brokers. For each shipment, these algorithms review 20 different data points and either approve the purchase or flag that a manual review is required. Beyond this, the Denim platform integrates with accounting software like QuickBooks to allow brokers to share data between various existing systems. From a dashboard, users can see metrics like pending or completed jobs, total factored amounts, the most frequently used carriers and the fastest-paying customers. “This combination of automation, financial stability and accurate reporting enables freight brokers and their partners to navigate volatile shifts in the economy. And most importantly, it ensures the entire supply chain continues moving in the right direction,” Krishnamoorthy continued. “In our current economic environment, companies can’t afford to ignore back-end risks and slow processes.” Denim competes with other fintech firms in the space, including TriumphPay, HaulPay and OTR Capital. Curiously, Krishnamoorthy declined to say how many customers the company currently has or where its revenue stands. But he did volunteer that Denim has connected over 7,000 freight brokers, shippers and carriers since its launch three years ago. “Despite the slowdown, Denim is uniquely positioned to continue scaling its platform and workforce. We’ve established a financial model based on healthy unit economics,” Krishnamoorthy said. “We’re bringing new solutions to market to give freight brokers the ability to seamlessly operate at full capacity and adapt to changes in the supply chain. And we’re hiring talent that not only aligns with our business goals but with our core values.” Denim has 100 full-time employees and plans to reach 120 by the end of the year, funded in part by the new equity. To date, the startup has raised a total of $165 million.

Trucks VC Investments

46 Investments

Trucks VC has made 46 investments. Their latest investment was in Denim as part of their Series B on September 9, 2022.

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Trucks VC Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/15/2022

Series B

Denim

$26M

No

15

9/14/2022

Series A

Stable Auto

$14M

Yes

5

8/23/2022

Series A

Zitara

$12M

Yes

5

4/19/2022

Seed VC

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$99M

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10

3/16/2022

Seed VC

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$99M

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10

Date

9/15/2022

9/14/2022

8/23/2022

4/19/2022

3/16/2022

Round

Series B

Series A

Series A

Seed VC

Seed VC

Company

Denim

Stable Auto

Zitara

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Amount

$26M

$14M

$12M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

15

5

5

10

10

Trucks VC Portfolio Exits

4 Portfolio Exits

Trucks VC has 4 portfolio exits. Their latest portfolio exit was Coord on January 01, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/1/2022

Acquired

$99M

1

8/16/2021

Reverse Merger

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$99M

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10

10/17/2019

Asset Sale

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$99M

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10

10/1/2019

Acquired

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$99M

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10

Date

1/1/2022

8/16/2021

10/17/2019

10/1/2019

Exit

Acquired

Reverse Merger

Asset Sale

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

10

Trucks VC Fund History

4 Fund Histories

Trucks VC has 4 funds, including Trucks Venture Fund 2.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/6/2021

Trucks Venture Fund 2

$52.53M

4

3/2/2017

Trucks Venture Fund 1

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$99M

10

Trucks Flywheel SR

10

Trucks Growth Fund

10

Closing Date

6/6/2021

3/2/2017

Fund

Trucks Venture Fund 2

Trucks Venture Fund 1

Trucks Flywheel SR

Trucks Growth Fund

Fund Type

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Status

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Amount

$52.53M

$99M

Sources

4

10

10

10

Trucks VC Service Providers

1 Service Provider

Trucks VC has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Seed VC

Other

General Counsel

Service Provider

Associated Rounds

Seed VC

Provider Type

Other

Service Type

General Counsel

Partnership data by VentureSource

Trucks VC Team

2 Team Members

Trucks VC has 2 team members, including current Chief Financial Officer, Jason Townsend.

Name

Work History

Title

Status

Jason Townsend

Wolverine Venture Fund, Intel, and Life Magnetics

Chief Financial Officer

Current

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Name

Jason Townsend

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Work History

Wolverine Venture Fund, Intel, and Life Magnetics

Title

Chief Financial Officer

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Status

Current

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