CloudTrucks raises $115 million
San Francisco-based CloudTrucks has raised $115 million in a Series B round led by Tiger Global and Menlo Ventures, with additional investment from freight forwarding startup Flexport. This funding round gives the startup a valuation of $850 million.
Founded in 2019, CloudTrucks is a virtual trucking carrier that helps independent truck drivers make more money, optimize their schedules, find better-paying loads, and manage their businesses. In addition, it offers CT Cash, “a first of its kind instant pay solution in the trucking industry.”
Drivers that choose to drive under CloudTrucks’ authority are covered under the available insurance program. The startup offers additional plans that come with a range of benefits minus the insurance.
“We believe that the future of the trucking industry lies in the hands of the trucking entrepreneurs and with this new investment, the largest ever dedicated to building business management solutions for trucking entrepreneurs, we intend to help build that future.” – CloudTrucks.