News

Millions in Debt Financing to Continue Empowering Drivers

TruckSmarter

Jul 15, 2024

SAN FRANCISCO, July 9, 2024 – TruckSmarter, a digital platform designed to assist owner-operators and trucking companies in optimizing their operations, today announced the close of a $50 million debt facility, with the option to scale to $100 million, led by CoVenture. The funding will allow TruckSmarter to continue to scale its suite of financial services to further empower truck drivers to build, manage, and grow their businesses.

TruckSmarter leads the industry in offering driver-first solutions, serving as a one-stop shop of financial services for truck drivers, owner-operators, and fleets. With TruckSmarter, truck drivers have access to a 100% free load board, transparent freight factoring, fuel discounts, and banking services. Designed and built for truck drivers, the app streamlines their workflows, quickens payment processes, and gives owners easier access to the capital they need to run their businesses.

“The pandemic reminded the world just how critical the trucking industry is to our daily lives and why maintaining a healthy supply chain is key,” said Daniel Kao, co-founder and CEO of TruckSmarter. “In order to transform the logistics industry, we must focus on its backbone – truck drivers. TruckSmarter is committed to providing tailored products and tools to truck drivers that streamline their day-to-day operations, increase earnings, make their lives easier, and, in turn, improve all of our lives.”

“Amid challenges for the trucking industry over the past several years, TruckSmarter has demonstrated how technological innovation and its commitment to drivers is pivotal when developing a disruptive solution that addresses industry needs,” said Lei Tie, Managing Director of CoVenture. “We could not be more excited about partnering with the TruckSmarter team as they embark on this next stage of growth and as the industry makes its recovery.”

TruckSmarter was founded by a team of freight and fintech experts, including CEO Daniel Kao and CTO Paolo Bernasconi. TruckSmarter has brought on hundreds of thousands active users since it was founded in 2021, and has seen >4x YoY revenue growth. To date, TruckSmarter has received a combined $94 million in equity and debt financing, with the option to scale to $144 million.

About TruckSmarter TruckSmarter is the one-stop shop for truck drivers and owner-operators to build, manage, and grow their businesses. The free platform helps drivers earn more and hold onto more of their money through a powerful suite of financial services and tools:

  • a free load board to find and book loads

  • fuel discounts up to $1.50/gal

  • simple, transparent factoring

  • banking tools

Learn more at www.trucksmarter.com.


About CoVenture Management CoVenture Management, LLC (“CoVenture”) is a privately held alternative asset management firm focused on direct credit opportunities and credit-oriented investments in early and later-stage companies. The firm has two primary areas of focus: Credit Opportunities, through which CoVenture provides asset-backed debt capital to technology-driven companies; and Hybrid Capital Solutions, a flexible mandate to make bespoke investments in later-stage businesses seeking growth capital or non-traditional liquidity solutions. For more information visit https://coventure.vc/.

Share this content

MORE RESOURCES FOR TRUCK DRIVERS

TruckSmarter’s Fuel Network expands to 500+ stops
TruckSmarter’s Fuel Network expands to 500+ stops

TruckSmarter’s Fuel Network expands to 500+ stops

Fill up, for less, at even more truck stops nationwide.

TruckSmarter’s Fuel Network expands to 500+ stops

TruckSmarter’s Fuel Network expands to 500+ stops

Fill up, for less, at even more truck stops nationwide.

TruckSmarter’s Fuel Network expands to 500+ stops

TruckSmarter’s Fuel Network expands to 500+ stops

Fill up, for less, at even more truck stops nationwide.

TruckSmarter, AscendTMS Integrate To Increase Access To Free Load Posting

Integration of #1-rated owner operator load board and #1-rated TMS software expands services for brokers and carriers

TruckSmarter, AscendTMS Integrate To Increase Access To Free Load Posting

Integration of #1-rated owner operator load board and #1-rated TMS software expands services for brokers and carriers

TruckSmarter, AscendTMS Integrate To Increase Access To Free Load Posting

Integration of #1-rated owner operator load board and #1-rated TMS software expands services for brokers and carriers

Instant transfers: move your money in seconds
Instant transfers: move your money in seconds

Instant transfers: move your money in seconds

We’re thrilled to introduce instant transfers, so you have cash when you need it most.

Instant transfers: move your money in seconds

Instant transfers: move your money in seconds

We’re thrilled to introduce instant transfers, so you have cash when you need it most.

Instant transfers: move your money in seconds

Instant transfers: move your money in seconds

We’re thrilled to introduce instant transfers, so you have cash when you need it most.

TruckSmarter Logo Asphalt Grey Footer

*TruckSmarter is a financial technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. FDIC insurance available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions. The TruckSmarter Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa USA Inc. and may be used anywhere Visa cards are accepted.

**Annual Percentage Yield (APY) of 2.96% is effective as of 09/19/2024. This is a variable rate and may change after the account is opened. Fees could affect earnings on the account. TruckSmarter is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The TruckSmarter Visa® Debit Card is issued by Thread Bank, Member FDIC pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact with questions regarding the sweep program.

****Terms and conditions apply to the TruckSmarter cash back rewards program. Please see Program Terms for details.

TruckSmarter Logo Asphalt Grey Footer

*TruckSmarter is a financial technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. FDIC insurance available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions. The TruckSmarter Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa USA Inc. and may be used anywhere Visa cards are accepted.

**Annual Percentage Yield (APY) of 2.96% is effective as of 09/19/2024. This is a variable rate and may change after the account is opened. Fees could affect earnings on the account. TruckSmarter is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The TruckSmarter Visa® Debit Card is issued by Thread Bank, Member FDIC pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact with questions regarding the sweep program.

****Terms and conditions apply to the TruckSmarter cash back rewards program. Please see Program Terms for details.

TruckSmarter Logo Asphalt Grey Footer

*TruckSmarter is a financial technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. FDIC insurance available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions. The TruckSmarter Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa USA Inc. and may be used anywhere Visa cards are accepted.

**Annual Percentage Yield (APY) of 2.96% is effective as of 09/19/2024. This is a variable rate and may change after the account is opened. Fees could affect earnings on the account. TruckSmarter is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The TruckSmarter Visa® Debit Card is issued by Thread Bank, Member FDIC pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact with questions regarding the sweep program.

****Terms and conditions apply to the TruckSmarter cash back rewards program. Please see Program Terms for details.

TruckSmarter Logo Asphalt Grey Footer

*TruckSmarter is a financial technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. FDIC insurance available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions. The TruckSmarter Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa USA Inc. and may be used anywhere Visa cards are accepted.

**Annual Percentage Yield (APY) of 2.96% is effective as of 09/19/2024. This is a variable rate and may change after the account is opened. Fees could affect earnings on the account. TruckSmarter is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The TruckSmarter Visa® Debit Card is issued by Thread Bank, Member FDIC pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact with questions regarding the sweep program.

****Terms and conditions apply to the TruckSmarter cash back rewards program. Please see Program Terms for details.