KeepTruckin, a US-based provider of trucking fleet management technology that counts internet and technology group Alphabet and diversified trading firm Itochu as investors, secured $190m in series E funding yesterday.
The round included venture capital firms G2 Venture Partners, Index Ventures, IVP, Scale Venture Partners, investment firm Greenoaks Capital and funds managed by BlackRock. The cash was raised at a valuation of over $2bn.
KeepTruckin provides a range of software and hardware products used by trucking companies to manage their vehicle fleets.
The company’s offering includes artificial intelligence-equipped dashcams for monitoring truck drivers and a cloud-based software platform for managing tasks such as fuel management, vehicle maintenance, GPS tracking and regulatory compliance.
Shoaib Makani, CEO of KeepTruckin, said: “Today, more than 90,000 companies and 1 million drivers depend on our technology to improve the safety and efficiency of their operations.
“Over the past year, our customers have grown their fleets by 21%, and with our series E funding, we are now well-positioned to grow alongside them by investing in talent and technology to better serve all businesses that power the physical economy.”
KeepTruckin has raised $417m since it was founded in 2013, including an investment of undisclosed size by Itochu in September 2019.
The company had received $149m in a series D round in April that year that was led by Greenoaks Capital and which included GV, a venture capital subsidiary of Alphabet, as well as IVP, Index Ventures and Scale Venture Partners.
IVP led a $50m series C round for KeepTruckin in 2018 that also featured GV, Scale Venture Partners and Index Ventures. It had already picked up $18m in a 2017 series B round led by Scale Venture Partners and backed by GV and Index Ventures.
GV and Index Ventures had previously supplied $8m in series A funding for the company in 2015, two years after GV (then known as Google Ventures) participated in its $2.3m seed round alongside assorted angel investors.
Image courtesy of KeepTruckin, Inc.