Spain-based freight shipping marketplace operator OnTruck has raised €17m ($19.3m) from investors including petroleum supplier Total’s corporate venturing arm, Total Carbon Neutrality Ventures.
The round was led by Oil and Gas Climate Initiative (OGCI), the energy investment consortium formed in late 2016 by oil and gas producers BP, China National Petroleum Corporation, Eni, Equinor (then Statoil), Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Saudi Aramco and Total.
The round also featured Atomico, Idinvest Partners, Cathay Innovation and Endeavor Catalyst and it lifted OnTruck’s overall funding to more than $60m since it was founded in 2016.
OnTruck runs an online platform that enables shippers to order on-demand trucking services from hauliers, who can list their services on the company’s mobile app. They can reserve space for full or partial loads, and the service covers Spain, France, the Netherlands and the UK.
Iñigo Juantegui, OnTruck’s co-founder and CEO, said: “Our partnership with OGCI Climate Investments and the potential to leverage our technology through OGCI’s members will accelerate our ability to build a new future for logistics in Europe, one that is efficient, transparent and sustainable.”
Cathay Innovation led the company’s $29.2m series B round in mid-2018, investing alongside Total Carbon Neutrality Ventures (then known as Total Energy Ventures), All Iron Ventures, Atomico, Idinvest Partners, GP Bullhound, Point 9 Capital and Samaipata Ventures.
Point 9 Capital and Samaipata Ventures had already backed OnTruck’s $10m series A round in 2017 along with Atomico, Idinvest and La Famiglia, having participated in the company’s $2.2m seed capital seven months earlier with LocalGlobe.
