Raising $20.5M to Empower Truck Drivers
A year ago, CloudTrucks was founded on the premise that truck drivers, the lifeblood of the U.S. economy operating in an $800B industry, do all of the work in trucking but capture very little value. We wanted to change that. That's why we set out to build a solution to empower independent truck drivers to earn more money with fewer headaches.
Today, we are excited to announce that we have raised a $20.5M Series A round of funding led by Caffeinated Capital with participation from existing investors Craft Ventures, Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures, and Better Tomorrow Ventures (BTV). We are excited to have this elite group of investors in our corner as we continue to build the carrier of the future.
In the past six months since we launched the CloudTrucks app, we have completed over 1,000 long-haul deliveries, grown 40% month-over-month, and completed over $1.8M in freight transactions. We also launched two new innovative products designed to help drivers maximize revenue and better manage cash-flow. Schedule Optimizer, which launched in October 2020, allows drivers to optimize their schedules for maximum efficiency and revenue. And now, with our newest product CT Cash, drivers get instant access to their cash upon proof-of-delivery. I couldn't be more proud of the accomplishments of our 14-person team!
Introducing CT Cash
In addition to our new funding round, we are excited to announce CT Cash, a first of its kind free instant-pay solution for truck drivers on the CloudTrucks network. CT Cash is fully integrated into the CloudTrucks app and built in collaboration with Visa and Stripe. We built CT Cash to solve a critical cash-flow problem for truck drivers who often have to wait up to 30-45 days for payments, chase down brokers to get invoices paid, or work with factoring companies that charge 3% or more.
We believe that drivers should always have access to their earnings as quickly as possible after completing a delivery, at no additional cost and with no hidden fees. With CT Cash, drivers are paid instantly upon proof-of-delivery and gain immediate access to their funds with a dedicated cash card that they can use anywhere Visa is accepted. Drivers will still have the option to cash out to their external bank accounts for free if they choose to. CT Cash is now available for free to all drivers on the CloudTrucks network.
Building the Carrier of the Future
Finally, we would like to thank the many independent truck drivers around the country who have entrusted us with the opportunity to help run their business and play a small role in keeping goods moving across America during a difficult time. One of my favorite success stories is of a driver who reached out to us earlier this year without a truck. We set him up with an equipment lease and got him up and running within the week. Fast forward six months, and he's now leasing his second truck to bring on his first employee (while also in the midst of a new kitchen renovation!). That's the American dream, and it's what motivates us to continue building products that make the lives of the millions of truck drivers around the country just a little easier. Together we can create a better carrier, the carrier of the future!
Tobenna - CEO and Co-founder, CloudTrucks
(Interested in joining the team? We're hiring. Check out our Careers page for open roles.)
