The Silicon Valley-based trucking applications technology provider has already raised $21.5 million from Renren and Wicklow Capital of Chicago, among others, and is currently talking with investors about a Series B funding round.
Trucker Path, a Silicon Valley-based technology provider of trucking applications, landed $30 million in debt funding, allowing it to begin loaning truckers money right after they deliver their freight.
It’s basically a win-win for Trucker Path and truckers, according to online news outlet Tech Crunch. Truckers now don’t have to wait 30 to 60 days to get paid by the vendors that hired them, while the loans are a new revenue opportunity for Trucker Path, which is charging customers slightly more in interest than its paying its debt provider, Flexible Funding.
Trucker Path Co-founder and CEO Ivan Tsybaev said that of the 1.6 million long-haul truckers across the United States, 550,000 are already using Trucker Path’s app, Tech Crunch reported.
The app features everything from crowdsourcing to the ability to track shipments from dispatch and delivery. More specifically, it allows truckers to communicate with their peers on where parking is available and unavailable.
Overall, the app allows drivers to save 11 hours, or $600, each month, Tsybaev said.
Trucker Path has already raised $21.5 million from Renren and Wicklow Capital of Chicago, among others, and is currently talking with investors about a Series B funding round.
One new feature the company has been working on is an insurance marketplace for its trucking customers, in which they will gain access to various providers. Trucker Path also wants to boost its enterprise sales force and establish a fully automated marketplace, allowing truckers to not have to worry about negotiating with shippers or freight brokers.
American Shipper profiled Trucker Path last August in its story, “The evolutionary load board.”
Trucker Path nabs $30m in debt funding
