CloudTrucks, a digital platform which helps truck drivers find work and organize their business, and founded by Tobenna Arodiogbu, George Ezenna and Jin Shieh, have raised $20.5 million in a Series A round led by Caffeinated Capital with participation from Craft Ventures, Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures, and Better Tomorrow Ventures.
Cofounder and CEO Tobenna Arodiogbu said that the problem they were trying to solve was basically helping truck drivers manage their business better.
“We noticed that more and more drivers wanted to take control of their schedule and become entrepreneurs, and needed a lot more help with managing everything: from revenue, cash flow as well as minimizing their costs,” Arodiogbu says.
CloudTrucks has built a mobile app where drivers can see loads coming from many different shippers across the country, and the company has an algorithm (called Schedule Optimizer) which helps drivers make better decisions on which loads to take to increase their revenue.
Logistics and supply chain startups are hot in every part of the world. As the pandemic dislocated the world, many companies went on to depend on these firms to help organize some components of their factors of production. In Nigeria, players like Zido Logistics have recorded huge growth as a result of the redesign.
CloudTrucks has done well in a very short time: “The company, which launched in May of this year, has grown to $1.8M in freight transactions over the past 6 months and the company is growing 40% month over month, doing over 300 deliveries on a monthly basis.” The world runs on a supply chain!
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