The US$700bn a year trucking industry gave birth to a new major player last week. San Francisco-based fleet management startup KeepTruckin closed out a Series D funding round that saw it raise $149mn in venture capital funding. The round was led by Greenoaks Capital, with participation from existing investors Institutional Venture Partners, Google Ventures, Index Ventures, and Scale Venture Partners.
As a result, KeepTruckin’s total funding is now $228mn, and the company has achieved a market valuation of $1.4bn, according to TechCrunch.
KeepTruckin hosts an intelligent fleet management platform, currently used to help over 250,000 vehicles and over 50,000 for-hire carriers operate more efficiently, safely and reliably.
“Trucking is forecasted to be a $1trn industry by 2024 and is the backbone of the global economy, yet has been underserved by technology. But change is coming and KeepTruckin is at the leading edge,” said Neil Mehta, founder and managing partner, Greenoaks Capital. “KeepTruckin is building the technology that trucking companies need to compete in the modern economy. The network that KeepTruckin has built will enable it to change the way freight is moved on our roads.”
KeepTruckin will reportedly use the new investment to fund continued growth, expand its team, invest in new hardware and further its exploration of machine-learning solutions.
“Our mission is to connect the world’s trucks and fundamentally improve the safety and efficiency of the trucking industry while helping companies grow. We believe that if you can model the past, you can predict and even shape the future,” said Shoaib Makani, CEO and co-founder, KeepTruckin. “Our platform unlocks the data that makes this vision possible. The Greenoaks Capital team along with our existing investors share our belief that technology will transform trucking.”