Skip to main content

OnTruck picks up €25M Series B for its haulage tech platform

Madrid-based OnTruck, which has built a “haulage tech platform” to better match supply and demand in the road freight industry, has picked up €25 million in Series B funding.

The round is led by global venture capital fund Cathay Innovation, with participation from an array of existing and new investors that includes Atomico, Idinvest, All Iron Ventures, Total Energy Ventures, GP Bullhound, Point 9 Capital, and Samaipata Ventures. In other words, several of OnTruck’s Series A backers are doubling down.

Founded in 2016, OnTruck is one of numerous startups attempting to ‘digitise’ the freight market, which it traditionally quite an arcane and opaque industry. It enables companies who have road freight shipping needs in Spain and more recently the U.K. to connect with the startup’s network of over 2,200 lorry drivers operating in both countries.

For the truck drivers themselves, many of whom are owner-operator businesses, OnTruck offers a steady stream of readily priced work. Its logistics platform also claims to make haulage journeys more efficient.

Specifically, OnTruck describes its technology as automating the matching of loads to trucks, and providing real-time GPS tracking of all shipments. The company’s algorithms also attempt to dispatch work in a way that significantly cuts down on empty return journeys, which is a particularly common problem for the regional and short-haul market OnTruck is targeting.

“Regional trucking is where shippers and truck drivers suffer from the most inefficiency, with over 40% of kilometers driven empty,” says OnTruck CEO Iñigo Juantegui. “This is where OnTruck’s technology and our shipper and driver app can add the most value to lower supply chain cost for shippers and empty kilometres driven by truckers.”

OnTruck clients include large multinationals such as Procter & Gamble, and Decathlon, in addition to over 400 mid-sized companies in the U.K. and Spain. Juantegui says the new funding will be used to consolidate its market positions in those two countries, and to expand to more of Europe. This, I’m told, is likely to include France and Germany.



from Startups – TechCrunch https://ift.tt/2kwRF7E
Labels:

Comments

Post a Comment

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more

Puls raises $50 million for in-home technical support

A fund affiliated with the Singaporean government has a great interest in making sure that American consumers are getting the tech support they need. Temasek, the multi-billion-dollar investment fund associated with the government in Singapore, has led a $50 million round for  Puls Technologies, Inc. , a San Francisco-based company aiming to be the tech support for American homes and offices. Current investors Sequoia Capital, Red Dot Capital Partners, Samsung NEXT and Viola Ventures all participated in the new financing, alongside additional new investors Hanaco Ventures and Hamilton Lane. Founded only three years ago, Puls pitches a service that can match consumers with the appropriate technician in a little over an hour, any day of the week. The company has built a network of 2,500 technicians in the top 50 cities in the United States, and will provide same-day installation and repair of over 200 products. Some things the company’s technicians can service include smartphon...
Post a Comment
Read more