Fluid Truck, the US-based operator of a truck-sharing service for businesses, completed a $63m series A round on Tuesday featuring investment vehicles for furniture retailer Ingka Group and diversified conglomerate Sumitomo.
Sumitomo Corporation of Americas and Ingka Investments, a subsidiary of Ikea franchisee Ingka Group, joined private equity firm Bison Capital, which led the round, and a vehicle called Fluid Vehicle Owners.
Founded in 2016, Fluid Truck has built an online platform that allows businesses to book commercial vehicles such as trucks, vans or sports utility vehicles any time of day or night on demand. It will use the cash to hire engineering and operations staff while expanding into new markets.
The company originally concentrated on a community-based item-sharing app before pivoting to its present focus in early 2019. It had raised $1.7m from Grotech Ventures, New Enterprise Associates, Correlation Ventures and undisclosed angel investors in 2016.
Ingka Investments managing director Krister Mattsson said: “We are delighted with this investment in Fluid Truck as this partnership is closely aligned with our zero-emission customer delivery ambitions.
“Fluid Truck has an increasingly electrified delivery fleet across the US so this is another step in enabling Ikea Retail to provide last mile delivery services to our customers, continue to improve on our customer promise, while also reducing our environmental footprint.”
Photo courtesy of Fluid Truck.
