Ontruck, a Madrid, Spain-based on-demand logistics platform, raised $10m in Series A funding.
The round was led by Atomico and Idinvest, with participation from existing investors Point Nine Capital, La Famiglia, and Samaipata Ventures. In conjunction with the funding, Atomico’s Partner, Carolina Brochado, will join Ontruck’s board while Niall Wass will become a board advisor.
The company will use the funds to hire new people for the engineering, sales, product, operations teams, consolidate in Spain and expand its reach in Europe.
Founded in 2016 by CEO Iñigo Juantegui, Antonio Lu, and Gonzalo Parejo Navajas, Ontruck aims to solve both the business inefficiencies inherent to the transport industry as well as the environmental ramifications (with a positive impact in terms of decreasing Co2 emissions in Europe) through an on-demand logistics platform that connects businesses directly with road freight carriers. The company, which currently operates in Spain, gives shippers transparency and visibility on pricing, pick-up slots and shipments. Similarly, both individual truck drivers and large fleet managers who connect via the Ontruck app, are free to accept shipments that fit their schedule, increasing the use of their assets, and getting paid automatically and on time.