The company OnTrucka transport technology platform, has raised €25 million in Series B funding, which will enable it to finance its expansion in Europe and consolidate its position in the UK and Spain.
The round is led by global private equity fund Cathay Innovationa Venture Capital fund specialising in technology companies.
OnTruck, innovation and technology in the logistics sector
Founded in 2016, it is one of numerous start-ups trying to «digitise» the commodities market, which remains a fairly traditional and opaque sector today.
OnTruck describes its technology as the automation of matching loads with trucks and real-time GPS tracking of all shipments. The company's algorithms also try to dispatch work in a way that significantly reduces empty runs, which is a particularly common problem for the regional and short-haul market that OnTruck targets. «Regional transport is where shippers and truckers suffer the most inefficiency, with more than 40% of miles driven empty,» says OnTruck CEO Iñigo Juantegui.
OnTruck's customers include large multinationals such as Procter & Gamble and Decathlon, as well as more than 400 medium-sized companies in the UK and Spain.
The operation
The Series B financing round has enabled OnTruck to raise €25 million in funding. The transaction was led by the private equity fund Cathay International and also involved new investors, such as GP Bullhound, as well as existing shareholders Atomico, Idinvest Partners, All Iron Ventures, Total Energy Ventures, Point 9 Capital andSamaipata Ventures.
According to Juantegui, the new funding will be used to consolidate its market positions in these two countries, and to expand into more countries in Europe, such as France and Germany.
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