CloudTrucks has announced on Wednesday that it has closed a Series A funding round of $20.5 million. Moreover, investors continue to give cash to trucking technology startups. The latest company is this virtual trucking carrier.
Money Received From Other Financial Institutions
Leading the round of monetary contributions were companies including Caffeinated Capital with participation from Craft Ventures. This is an addition to Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures, and Better Tomorrow Ventures.
CloudTrucks Has Many Services Geared Toward the Trucking Industry
Moreover, San Francisco-headquartered CloudTrucks offers a range of services for owner-operators and small trucking companies. CloudTrucks was founded in 2019.
However, according to founder and CEO Tobenna Arodiogbu, the company’s mission is to take over many of the back-office processes. Owner-operators have to concern themselves about insurance payment, load booking, and document submission. Then the next step is to arm them with digital tools. Therefore, this makes their jobs easier.
CloudTrucks Instant Pay, Cash Card Product
CloudTrucks has launched free instant pay and a cash card product, CT Cash.
The product helps drivers on the CloudTrucks network manage their cash flow and payments on big-ticket items. On everyday purchases such as fuel and maintenance as well. They collaborated with Visa.
However, using CT Cash, drivers can get paid instantly. They use the card without having to take cash out of their personal bank accounts.
Bringing the Trucking Industry Up to Date with Technology
“While the trucking industry is the backbone of America, small independent truckers are at a huge disadvantage. This is due to the lack of technology options. They also deal with increasing operating costs. This includes insurance and maintenance. Arodiogbu said this in a press release.
Seamless Payment Process
CloudTrucks wants to create a “seamless payment process. It is similar to what Square has done for small businesses” with this card. Arodiogbu then adds. In fact, it empowers drivers who want to be independent. They help them develop strong relationships with vendors.