OnTruck, the Spain-based owner of a freight shipping services marketplace, secured €25m ($29.2m) on Wednesday in a series B round featuring Total Energy Ventures, the investment arm of petroleum supplier Total.
Cathay Innovation, an affiliate of Cathay Capital Private Equity, led the round, which also featured GP Bullhound, Atomico, Idinvest Partners, Point 9 Capital, Samaipata Ventures and, according to fleet industry news provider Fleetpoint, All Iron Ventures.
OnTruck operates an online platform that connects a network of more than 350 trucks with parties who need freight to be delivered by road.
Truckers can fill surplus space in their vehicles while shippers can manage their deliveries in a way that optimises routes and pricing.
Iñigo Juantegui, chief executive of OnTruck, said: “This new round is a great signal from the market that we are on the right path towards becoming the leading road freight platform in Europe.”
The company initially raised $2.2m from Point Nine Capital, Local Globe and Samaipata Ventures in late 2016, beforePoint Nine and Samaipata returned for a $10m series A round also featuring Atomico, Idinvest and La Famiglia in May 2017.