Virtual Trucking Carrier CloudTrucks Raises $115M In Series B Round

Virtual trucking carrier CloudTrucks has secured a $115 million Series B funding round on a reported $850 million valuation, according to Forbes. 

The firm, which provides a tech platform that helps small trucking businesses manage their administrative duties, including scheduling, instant payments, expense tracking, was founded by Tobenna Arodiogbu, Jin Shieh, and George Ezenna back in 2019.

Tiger Global led its Series B round with Menlo Ventures, Flexport, Michael Ovitz, and Opendoor CEO Eric Wu.

The round also includes follow-on investments from Caffeinated Capital, Craft Ventures, Khosla Ventures, Abstract, BTV, and Kindred Ventures. This Series B comes after CloudTrucks closed a $20.5 million Series A in December 2020. The company has raised $141.6 million in venture capital to date. 

This growth comes as CloudTrucks launched three new products last year: CT Cash, Flex, and Business Intelligence. 

“Nearly every sector of the economy relies on drivers to transport its goods, and we are eager to use this latest round of funding to continue optimizing the trucking business—especially as our country needs new truck drivers more than ever,” Arodiogbu, CloudTrucks Co-founder and CEO, said in a press release.

“CloudTrucks has always seen the trucking industry as the backbone of America and has made it its mission to create world-class tools and services that empower truck drivers to make a greater profit with fewer headaches,” said Tiger Global Management Partner, John Curtius, in a statement.