CloudTrucks Raises $115M in Series B Funding; at $850M Valuation

CloudTrucks, a San Francisco, CA-based technology-driven trucking company, secured $115m in Series B funding, bringing the valuation to $850m.

The round was led by Tiger Global with participation from Menlo Ventures, Caffeinated Capital, Craft Ventures, Khosla Ventures, Abstract, BTV, Kindred Ventures, Flexport and angel investors Michael Ovitz and Opendoor CEO Eric Wu.

The company, which has raised $141.6m in total capital raised, intends to use the funds to to amplify its existing capabilities, expand its technology, grow its existing team, and broaden its digital integration with brokers and shippers.

Created by Tobenna Arodiogbu, Jin Shieh and George Ezenna in 2019, CloudTrucks a tech driven software platform that allows small trucking businesses and entrepreneurs to make the most of every run, from instant payments to smart load scheduling and competitive rates.

Over the past year, the company launched three new products:

  • CT Cash, which is designed for drivers who are looking to get paid faster and alleviate cash-flow constraints, providing instant pay and cash card options in addition to receiving cash advances.
  • Flex, which is designed exclusively for small trucking businesses and those drivers who are not looking to drive under CloudTrucks’ authority.
  • Business Intelligence, which provides a comprehensive breakdown of a driver’s performance, personal expenses and revenue for drivers to better determine how they can yield the most profit.

They join Virtual Carrier, CloudTrucks’ existing product for independent owner-operators,