TrueNorth Announces $50M in Series B Funding to Reshape the Trucking Industry
The investment will advance TrueNorth's mission of delivering radically higher profits to independent truckers
SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- TrueNorth, which offers independent truckers a platform to run their businesses, announced today that it has secured $50M in a Series B funding round led by prominent early-stage investors Lachy Groom and Sam, Max, and Jack Altman. Other investors include the Flexport Fund, Tribe Capital, Original Capital, K5 Global, 137 Ventures, and Fifth Down Capital, among others.
This brings the company's total funding to $61.8M which includes a previously-unannounced $8.5M Series A, which Lachy Groom led, in November 2020. Other early investors include Front's Mathilde Collin, Figma's Dylan Field, Intercom's Eoghan McCabe and Des Traynor, Stripe's Claire Hughes Johnson, and Color Genomics's Elad Gil.
TrueNorth's mission is to ensure the people who deliver the lion's share of the value in freight — truckers — take home the lion's share of the profits. The company plans to use the capital to further invest in its platform, which gives independent truckers a single place to manage their businesses. The platform helps truckers increase their top-line revenue and decrease their bottom-line costs, ensuring they get to keep more of their hard-earned cash.
"Many of our drivers are taking home twice — some even more — than what they did previously," said Jin Stedge, CEO and Co-Founder of TrueNorth. "We increase their revenue by helping them find the highest-paying trucking jobs and making it dead-simple to book them. We decrease their costs by consolidating all vendors in one place and offering steep discounts on fuel, insurance, and equipment. Operating a single truck costs well over $100,000 a year before the driver gets paid. By offering truckers a single platform to manage their entire businesses, we help them truly understand and minimize their spend."
TrueNorth, which participated in Y Combinator in 2020, has seen strong organic customer growth in the two years since its founding. In the last six months, the company has grown its revenue by 3.4x as it improved its contribution margin by 64%. It grew its headcount by 67% during that time.
This investment acknowledges the strong progress that TrueNorth has made towards overhauling the way traditional trucking companies have been run for decades.
"Most technology companies entering the trucking space build beautiful products, but don't solve actual problems the truckers face every day," says investor Lachy Groom. "TrueNorth focuses on making truckers more money and helps them live less stressful lives by tying everything into a single, consumer-grade platform."
Mike Tomlinson, a truck driver and owner-operator, said TrueNorth has changed the way he works. "With such a tight cash flow, I was always thinking about getting the next haul. I'd go months without taking any time off for myself. With TrueNorth, I'm seeing the light at the end of the tunnel. I'm not so cash-strapped these days. Pretty soon, it might even make sense to buy a house. It's time for me to discover fun again."
Interested in reshaping the trucking industry? TrueNorth is hiring for numerous roles – head to truenorthfleet.com/careers to learn about open opportunities.
The TrueNorth Platform
TrueNorth is an end-to-end solution for independent truck drivers. It helps them manage their customers, find, book, and coordinate loads, optimize their routes, invoice customers, and collect payment. The platform also offers fleet cards that can be used as fuel and debit cards and support for meeting DOT Safety and other regulatory requirements.
About TrueNorth
Launched in 2020, TrueNorth empowers independent truck drivers to take control of their businesses. Its platform helps truckers take home radically higher profits by finding better-paying loads and eliminating inefficiencies and middlemen. The company has raised $61.8 million in funding from notable investors including Sam Altman, Lachy Groom, Flexport, Tribe Capital, K5 Global, and Y Combinator. To learn more, visit TrueNorthFleet.com.
SOURCE TrueNorth
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