However, despite the industry being one of the greatest levers of innovation for the world, it has been among the last to see technological progress itself. Lack of transparency and a rise in inefficiencies and predatory business practices lead to annual turnover in parts of the industry at greater than 100%. Simply put, drivers are working hard for a system that just isn't working for them.
It’s a problem that not only impacts drivers, but the world at large. This turnover and instability poses an enormous risk to our economy, especially as many industries, including e-commerce, are expected to double from $4 trillion to $8 trillion in the next five years. How can we keep up when we make it so hard for drivers to do their jobs?
We believe that to transform the industry, we must empower the people that move it forward: truck drivers. For the past year, we’ve been building a one-stop shop for drivers to access the information they need to find work, book work, and manage their businesses. We’re setting a new standard for transparency in the industry with a 100% free load board of trusted, vetted brokers, hundreds of thousands of available loads a day, simple 1.5% non-recourse month-to-month factoring, a no-fee banking solution, and more to come.
Today, we’re thrilled to - officially - introduce TruckSmarter to the world, and share some of the exciting milestones we’ve hit in a short amount of time.
To date, we’ve raised $44 million from some of the most notable and bright people in technology and logistics: Founders Fund, a16z, Ryan Petersen (CEO, Flexport), Tony Xu (CEO, DoorDash), Jett McCandless & Jason Duboe (CEO & Chief Growth Officer, Project44), and Eric Glyman (CEO, Ramp). Our most recent round of financing, $25 million Series B, was led by Thrive Capital joining other investors such as Founders Fund, a16z, Bain Capital Ventures, Fin Capital, and others. We are fortunate and honored to have the support of these talented investors and advisors as we bring TruckSmarter to life for nearly 8 million truck drivers in the US.
This week is National Truck Driver Appreciation Week, and we want to thank all the drivers who keep our country moving. They are why we do what we do, and we believe that improving their lives will have a profound impact on every corner of the world — from the cost of our goods to the livelihoods of local communities, and even to our environment.
As the past several years have shown, a lack of investment in and adoption of technology can be paralyzing to the entire global logistics industry. It’s time to shift our attention to the freight industry, and specifically, the people behind the wheel. By improving the lives of our truck drivers and enabling them to embody the entrepreneurial spirit this country is known for, we all win.
“With our long history of funding innovation focused on trucking, backing companies such as FleetCor and FourKites, we understand the critical role truck drivers play in our global economy. We're thrilled to be partnering with Dan and Paolo and the team at TruckSmarter as they solve the most important daily issues for the nearly one million drivers in North America: 'what load should I book?', 'how quickly can I get paid?', and 'how can I make more money?'" — Ajay Agarwal, Partner Bain Capital Ventures
"We invested in TruckSmarter because they built something uniquely valuable for one of the scarcest assets in transportation: the drivers,” said Ben Braverman, Co-Founder and Managing Partner at Flexport Fund. “In a sea of companies masquerading as technology businesses, TruckSmarter stands out as a partner that's using technology to make supply chains more efficient for consumers and lucrative for the drivers."
“TruckSmarter has already facilitated transactions on millions of dollars of loads per day,” said Gaurav Ahuja, Partner at Thrive Capital. “Dan, Paolo, and the rest of the team are the first in the industry to provide complete visibility into finding the best jobs possible. TruckSmarter is on track to negotiating better financial services costs across the industry to further empower the lives of all drivers.”
“TruckSmarter is on track to serve over 100k truckers in the US this year, evidence of the company’s powerful value proposition,” shared Matias Van Thienen, Partner at Founders Fund. “Their trucker-first mentality is the right approach to win the highly fragmented road freight industry.”