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Fleet Management Tech KeepTruckin Hauls In $190 Million For Expansion

Fleet Management Tech KeepTruckin Hauls In $190 Million For Expansion

June 18, 2021 at 04:03AM
by PYMNTS

Fleet management tech company KeepTruckin has raised $190 million in a funding round, according to a press release.

The round included investments from G2 Venture Partners, Index Ventures, Greenoaks, IVP, Scale Venture Partners, funds managed by BlackRock, and other investors, the release stated.

With the new capital, the company plans to keep supporting artificial intelligence (AI)-powered products, hiring more talent and scaling to meet demand, according to the release.

KeepTruckin works with new AI-based tech to help its customers with video-based driver safety, GPS tracking, electronic logging device (ELD) compliance, fuel spend management and more, the release stated.

Since the pandemic, the company has boosted its growth 70 percent, which it attributes to new areas of expansion, including construction, oil and gas, food and beverage, field services, moving and storage and more, according to the release.

“Today, more than 90,000 companies and 1 million drivers depend on our technology to improve the safety and efficiency of their operations,” said KeepTruckin CEO Shoaib Makani in the release. “Over the past year, our customers have grown their fleets by 21 percent, and with our Series E funding, we are now well-positioned to grow alongside them by investing in talent and technology to better serve all businesses that power the physical economy.”

Zach Barasz, partner at G2 Venture Partners, said in the release that one of the main reasons the company is partnering with KeepTruckin is “the people behind the technology, especially the management team that runs the business with a clear vision to fundamentally improve the safety and sustainability of commercial vehicles through novel hardware and software.”

“We know that an inflection point is coming in this industry: the proliferation of AI-powered cameras into all commercial vehicles, and KeepTruckin has the team and the highest quality products to lead the field,” he said in the release.

Construction has seen a flood of FinTech innovation in what has been described as an “almost a hidden market” by Trux Chief Revenue Officer Tom Spencer, PYMNTS reported. As construction companies work with the same trucking providers on regular bases, Trux stepped onto the market to facilitate those connections in a digital fashion.