The $115M Series B round brings CloudTruck's total funding to $141.6M. Here are the top-line bullets you need to know.
CloudTrucks, a provider of business management software for trucking owner-operators, has raised $115M in a Series B round that drew participation from Flexport, Tiger Global Management, and Menlo Ventures.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based CloudTrucks helps owner-operators manage cash flow, costs, insurance, and bookings.
- The platform’s trucking load volume has grown 8x since last year.
- The startup generates revenue by taking 6–15% of each driver’s earnings — it has experienced 9.5x revenue growth since December 2020.
- The company operates in the US.
WHY DOES THE MARKET MATTER?
- The global fleet management software market is expected to reach a value of $59.1B by 2028, growing at a CAGR of 17.1%, according to Fortune Business Insights.
- The advancement of artificial intelligence, machine learning, predictive analytics, and sensor technologies have elevated software performance and contributed to market growth.
- The $700B trucking industry in the US, which comprises 3.6M truck drivers, presents a huge opportunity to software vendors that can help optimize fleet schedules, manage back-office operations, and reduce costs.