Proceeds will further LogRock's mission to help trucking companies reduce litigation, audit, and inspection risks while lowering monthly operation costs
CHICAGO, Oct. 27, 2022 /PRNewswire/ -- LogRock, a software company that offers DoT compliance solutions to trucking companies, has raised an additional $2 million, primarily from Better Tomorrow Ventures (BTV) with participation from Dynamo Ventures, who had previously invested in LogRock.
"DoT compliance was always important for trucking companies," said Jake Gibson, founding partner at BTV, "but with lawsuits on the rise and freight markets cooling, LogRock is well positioned to help fleets save real money by staying off the FMCSA's radar and steering clear of avoidable court cases."
LogRock's innovative software can positively impact the trucking industry and help motor carriers to be financially stable in a challenging market where fuel, equipment, and labor costs are at record highs.
"Trucking companies need to actively monitor data from up to 10 different systems simultaneously to stay compliant," said Jon Bradford, Managing Partner at Dynamo Ventures, who invested for the second time in LogRock. "The universal feedback from LogRock's clients is that LogRock's ability to consolidate this information into an easily understood dashboard with real-time integrations to ELDs, the FMCSA, driver recruiting tools, and others is a game changer."
"LogRock's software reduces the risk of inspections and audits and helps fleets improve their safety ratings, which can lead to lower insurance rates and reduced driver turnover. The bottom line is that LogRock can help trucking companies save real money by improving their DoT compliance posture," said Hunter Yaw, co-founder, and CEO of LogRock.
So far this year, over half of the fleets that have faced an FMCSA audit ended up in a "conditional" or "unsatisfactory" status. Brokers and shippers are increasingly cautious when it comes to compliance risks and will shut off access to spot bids and RFPs for fleets that fall into either status post-audit. This trend was only accelerated by the Supreme Court's recent decision not to hear a case from CH Robinson, raising the risks around broker and shipper liability.
"By listening to trucking company owners as we likely enter a recession we have been able to develop features to help them survive the storm. This additional round of investment will help us to accelerate the development of new features that will directly affect trucking companies' financial stability," said João Bosco, co-founder, and COO of LogRock.
About LogRock
LogRock is obsessed with compliance so trucking company owners don't have to be — from DQ files to Permits, from HoS to Maintenance Records. We connect all our customers' data in one place and analyze it 24/7 to ensure they can stand tall when the Department of Transportations or Trial Lawyers come knocking. LogRock's technology automates as much as possible to keep costs low and minimize errors. This reduces time spent Out of Service, cuts the risk of nuclear verdicts, drives down insurance rates, and opens doors to freight from premium shippers. For more information, visit logrock.com.
James Christopherson
PR Manager
LogRock
[email protected]
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