Growing a (Long-Haul) Freight Marketplace
Founded less than four years ago in San Jose, California, Trucker Path recently raised US$30 million in debt financing after raising more than US$21 million in seed and Series A funding. The company appears to be in discussion for Series B funding with investors. One of its investors is the Chinese social networking and Internet finance firm, Renren, which may be an early indicator of future Chinese expansion.
Trucker Path began as a crowd-sourced navigation app to provide peer-to-peer insights on increasingly challenging parking (fueled by the ELD Mandate), hotels, fuel pricing, and weigh stations, and gained about 15% penetration of U.S. Class 8 trucks, with approximately 20% growth per month. The company reached a milestone in February with more than 1.5 million in app installs, an industry first on Google Play. It is the highest-rated industry app in the industry. Two years ago, the company released its Truckloads Marketplace, with a focus on brokering cargo exchanges for multiple trucking companies and brokers.
One key feature of the app is…
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