Terms of the deal were not disclosed, but the founder of the Idaho-based company and its existing management team will maintain a significant ownership in the company.
San Francisco-based investment firm ICONIQ Capital has acquired a majority stake in Truckstop.com, the online freight marketplace and load board service operator announced Wednesday.
The terms of the deal were not disclosed, but Truckstop.com founder Scott Moscrip (pictured above) and its existing management team will maintain a significant ownership in the company, it said in a press release.
The New Plymouth, Idaho-based Truckstop.com, which was founded in 1995 and built the internet’s first digital load board, was funded through private investment until 2016 when it received a minority equity investment from Bregal Sagemount, said Paris Cole, CEO of Truckstop.com, in an email. ICONIQ initiated the contact and serious discussions began earlier this year, she said.
“The investment resources will focus on expanding and improving Truckstop.com products to help carriers and brokers simplify and grow their businesses,” Cole said. “The resources from this investment will also help improve the customer experience across all Truckstop.com products.”
ICONIQ Capital, which has offices in San Francisco, New York, Palo Alto, Calif., and Singapore, is a private equity firm that counted Mark Zuckerburg as an early client. LinkedIn co-founder Reid Hoffman and Jack Dorsey, the chief executive of Square Inc. and Twitter Inc., are also members of ICONIQ’s nine-person advisory board, according to The Wall Street Journal.
Truckstop.com purchased both freight bill financing firm D&S Factors and freight industry software company Grizella LLC in 2018. It also partnered with Chainanalytics and integrated with transportation management system vendor MecuryGate International Inc.
“The $1 trillion freight industry is primed for incredible growth and technology adoption in the coming years, as tech-enabled platforms are increasingly essential for managing operations, reducing costs and improving efficiency,” ICONIQ partner Will Griffith said in a statement. “Truckstop.com is the premier and trusted partner in this space, with an advanced technology platform that removes friction for all parties within the freight ecosystem, and an established network of transportation professionals across the country.”