KeepTruckin Raises $149 Million Series D At $1.25 Billion Valuation
KeepTruckin — a San Francisco based provider of fleet management software for the trucking industry — has raised $149 million in Series D funding led by Greenoaks Capital, with participation from existing investors Index Ventures, Alphabet’s GV, Scale Venture Partners, and IVP. This round brings the total raised by KeepTruckin to $228 million and values it at $1.25 billion, as confirmed by CEO Shoiab Makani to TechCrunch.
KeepTruckin — whose software is used on more than 250,000 vehicles — says it’ll use the funds to fuel its growth via hiring, investing in hardware, furthering advancements in machine learning, and building partnerships. The company doubled its global headcount across seven offices in the past year and says software from its App Marketplace are now used in more than 130,00 trucks.The company’s fleet management system help with tasks like navigation, maintenance, and fuel management.
September last year, On-demand trucking startup Convoy (also backed by Alphabet’s GV) raised $185 million at a $1 billion valuation. Driverless trucking startup TuSimple also hit a unicorn valuation with a $95 million Series D round earlier this year. This indicates the U.S. trucking industry — one that generated more than $700 billion in revenue last year — is quite hot. Uber’s recent IPO filing revealed its trucking unit, Uber Freight, made $125 million in revenue for the quarter ended December 31, 2018.
The U.S. trucking industry is still estimated to be a $1 trillion industry by 2024. “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,” KeepTruckin CEO Shoaib Makani said in a press release.