TrueNorth, a San Francisco, CA-based platform that offers independent truckers a platform to run their businesses, secured $50M in a Series B funding.
Backers included Lachy Groom and Sam, Max, Jack Altman, Flexport Fund, Tribe Capital, Original Capital, K5 Global, 137 Ventures, and Fifth Down Capital, among others. 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.
The company, which has raised $61.8M in total funding to date, intends to use the funds to further invest in its platform.
Led by Jin Stedge, CEO and Co-Founder, TrueNorth is an end-to-end solution for independent truck drivers to 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.
The company, 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.