TruckSmarter, a digital platform designed to assist owner-operators and trucking companies in optimizing their operations, closed a $50 million debt facility, with the option to scale to $100 million, led by CoVenture. The funding will allow TruckSmarter to continue to scale its suite of financial services to further empower truck drivers to build, manage and grow their businesses.
“The pandemic reminded the world just how critical the trucking industry is to our daily lives and why maintaining a healthy supply chain is key,” Daniel Kao, co-founder and CEO of TruckSmarter, said. “In order to transform the logistics industry, we must focus on its backbone, truck drivers. TruckSmarter is committed to providing tailored products and tools to truck drivers that streamline their day-to-day operations, increase earnings, make their lives easier and, in turn, improve all of our lives.”
“Amid challenges for the trucking industry over the past several years, TruckSmarter has demonstrated how technological innovation and its commitment to drivers is pivotal when developing a disruptive solution that addresses industry needs,” Lei Tie, managing director of CoVenture, said. “We could not be more excited about partnering with the TruckSmarter team as they embark on this next stage of growth and as the industry makes its recovery.”
