e-Logistics startup Truckbook raises $3m seed funding to revolutionize the trucking industry
Truckbook, a virtual trucking platform providing a suite of solutions for owner-operators, announced it has raised $3 million in Seed funding from Sacramento-based venture capital firm Moneta Ventures. The funding will help Truckbook on its mission to revolutionize the trucking industry through a combination of AI and automation solutions that enable owner-operators across the US maximize their business potential while reducing the overhead that creates a barrier to entry for prospective owner-operators.
Trucking is responsible for moving 70% of the freight in the U.S. including fundamental necessities such as food, fuel, and medicine. Owner-operators, who are essentially running a small business of their own, can't afford to waste money, fuel, and time carrying empty loads, especially in environments like we have today with significant global supply-chain constraints. These operators traditionally spend hours of their time on load discovery, or they outsource this to logistics firms - and in some cases trading more than 30% of their revenue to do so.
Owner-operators, like millions of other small businesses nationwide, face significant hurdles in transitioning from an employee to a business owner. These challenges include managing load booking and maximizing revenue per mile, waiting 30-60 days to receive payment for completed jobs, and covering the overhead required to maintain insurance, licensure, etc. in a highly regulated industry.
TruckBook began in 2018 as a community-powered navigation app for truckers showing the quickest available routes to their destination while avoiding low-bridges, tight turns, and bad weather. Their iOS and Android apps have become the #1 app made by truckers for truckers.
In 2021, the company launched their virtual carrier platform to meet the unique and growing needs of owner-operators. Truckbook's AI-driven platform provides smart load booking which enables owner-operators to maximize their revenue by finding high-value routes to eliminate empty miles, all while giving the owner-operators control and flexibility over their own schedules. Through Truckbook, truckers also have access to 24-hr payment for completed jobs, substantial discounts on fuel and insurance, and options for truck financing.
Sabya Das, Partner, Moneta Ventures: "Truckbook's Maps app is one of the most widely used app for truckers, and their innovative new platform for owner-operators can transform livelihoods for millions of existing and aspiring owner-operators in America today. The Moneta team is thrilled to work with truly exceptional cofounders like Pardeep and Mac, along with the rest of the Truckbook team, to bring the full functionality of Truckbook's owner-operator platform to the growing trucking community nationwide."
Das will be joining Truckbook's Board of Directors as part of this investment.
Pardeep Singh Bajwa, Founder and CEO, TruckBook: "We set out to create a solution that impacts the lives of millions of truckers. By leveraging top notch engineering and data science teams, we allow operators to choose their own schedule and maximize their profit. Getting support from partners like Moneta is a huge step forward for us. This investment will help us solidify the trust we have built with the trucking community to become the virtual carrier of choice for owner-operators along the West Coast."