Trucker Tools Raises $4.4 Million in Series A Funding
Round is fully subscribed from current investors; funds to be used to accelerate product development, bolster implementation resources, expand sales and marketing
RESTON, VA - JULY 12, 2018 - Trucker Tools, LLC, which provides shipment visibility, carrier capacity management and predictive freight-matching solutions for the transportation industry, announced it has completed a Series A funding round, raising $4.4 million in additional capital to support product development and customer acquisition.
The funding round was fully subscribed by current investors, noted Prasad Gollapalli, Trucker Tools founder and CEO.
"I want to congratulate our team on performing to a level that has earned this additional commitment from our investor group," Gollapalli said. "Customer adoption of the Smart Capacity platform and tools has been excellent. We have a strong pipeline of new business. Brokers and 3PLs are seeing the value and asking us to ramp-up product development."
He added that Trucker Tools also recently reached 100,000 unique carriers active on the network - primarily operators with fleets of 20 trucks or less. "Our critical mass of connected capacity continues to grow," Gollapalli said. "This funding round demonstrates the confidence our investors have in the quality of our solutions, the integrity of our network, its growth prospects and strong early acceptance from the 3PL and broker community."
Gollapalli said the funds will be invested in several strategic areas, including:
• Expanding product development resources, enabling faster response to customer requests for new or enhanced functionality. As part of this effort the company has launched a formal "customer advisory board" which meets regularly to review and provide input on the product road map.
• Building out the implementation team, driving faster and more efficient customer on-boarding, and accelerating integrations with leading TMS software providers and ERP systems.
• Brand development and increasing sales and marketing resources, expanding the company's reach deeper into the broker community, which has thousands of potential customers.
The success of customers in deriving productivity benefits and competitive advantage from the platform is driving more demand for accelerated development, particularly with Trucker Tools' Smart Capacity predictive load-matching tools and functionality for carriers and brokers, Gollapalli noted.
"We are helping carriers squeeze the best loads at the right time onto every truck they have, limiting downtime and using every possible hour of available capacity," he said. That reduces wasted capacity and helps optimize the carrier's network and the driver's available hours - and improves the broker's productivity. "All are especially important objectives in today's tight capacity market and with the ELD mandate," he noted.
Trucker Tools also continues to see growing adoption of its mobile app for drivers. Launched in 2013, the mobile app has been downloaded by more than 500,000 truck drivers in North America.
The mobile app integrates with a smart phone's GPS software to continually capture, in real time, precise location data, which is then transmitted over Trucker Tools' confidential, secure network, and displayed in Smart Capacity's load tracking and carrier management platform. The real-time, trusted capacity intelligence provided by the Smart Capacity platform helps brokers and carriers match loads with available trucks far more efficiently and reliably than past practice.
About Trucker Tools -- Trucker Tools, based in Reston, Va., is the leading provider of trip planning, shipment visibility and freight matching solutions for the transportation industry. Its ground-breaking Smart Capacity platform uses accurate, real-time data and powerful algorithms to optimally match freight by predicting when and where capacity will become available, days in advance. The company's popular driver smartphone app has been downloaded by over 500,000 owner operators and small-carrier drivers to access information and services conveniently while on the road. Load Track is a robust feature in the app that connects drivers with carriers and freight brokers to eliminate manual check calls. Visit Trucker Tools at www.truckertools.com or contact us directly at: email@example.com
Media Contact: Gary Frantz. Trucker Tools, (925) 594-1434, firstname.lastname@example.org
More information: http://www.truckertools.com