Truckbook Secures Three Million Dollar Commitment From Moneta Ventures In Series Seed Round

VIRTUAL TRUCKING COMPANY PROVIDING BUSINESS-IN-A-BOX SOLUTIONS FOR TRUCK DRIVERS/OWNER-OPERATORS & LEVERAGES AI-POWERED TECHNOLOGY TO TRANSFORM LOGISTICS FOR THE TRANSPORTATION INDUSTRY

ROCKLIN, Calif., May 10, 2022 /PRNewswire/ -- Truckbook, a virtual trucking platform providing a suite of solutions for owner-operators, today announced that it has raised $3M in Seed funding from Sacramento-based venture capital firm Moneta Ventures. The funding will help Truckbook on its mission to revolutionize the trucking industry through a combination of AI and automation solutions that enable owner-operators across the US maximize their business potential while reducing the overhead that creates a barrier to entry for prospective owner-operators.

Trucking is responsible for moving 70% of the freight in the U.S. including fundamental necessities such as food, fuel, and medicine. Owner-operators, who are essentially running a small business of their own, can't afford to waste money, fuel, and time carrying empty loads, especially in environments like we have today with significant global supply-chain constraints. These operators traditionally spend hours of their time on load discovery, or they outsource this to logistics firms - and in some cases trading more than 30% of their revenue to do so.

Owner-operators, like millions of other small businesses nationwide, face significant hurdles in transitioning from an employee to a business owner. These challenges include managing load booking and maximizing revenue per mile, waiting 30-60 days to receive payment for completed jobs, and covering the overhead required to maintain insurance, licensure, etc. in a highly regulated industry.

TruckBook began in 2018 as a community-powered navigation app for truckers showing the quickest available routes to their destination while avoiding low-bridges, tight turns, and bad weather. Their iOS and Android apps have become the #1 app made by truckers for truckers.

In 2021, the company launched their virtual carrier platform to meet the unique and growing needs of owner-operators. Truckbook's AI-driven platform provides smart load booking which enables owner-operators to maximize their revenue by finding high-value routes to eliminate empty miles, all while giving the owner-operators control and flexibility over their own schedules. Through Truckbook, truckers also have access to 24-hr payment for completed jobs, substantial discounts on fuel and insurance, and options for truck financing. 

"Truckbook's Maps app is one of the most widely used app for truckers, and their innovative new platform for owner-operators can transform livelihoods for millions of existing and aspiring owner-operators in America today," said Sabya Das, Partner at Moneta Ventures. "The Moneta team is thrilled to work with truly exceptional cofounders like Pardeep and Mac, along with the rest of the Truckbook team, to bring the full functionality of Truckbook's owner-operator platform to the growing trucking community nationwide." Das will be joining Truckbook's Board of Directors as part of this investment.

"We set out to create a solution that impacts the lives of millions of truckers. By leveraging top notch engineering and data science teams, we allow operators to choose their own schedule and maximize their profit," said Founder and CEO Pardeep Singh Bajwa. "Getting support from partners like Moneta is a huge step forward for us. This investment will help us solidify the trust we have built with the trucking community to become the virtual carrier of choice for owner-operators along the West Coast."

For more information please visit www.truckbook.io or contact [email protected]

About Truckbook
Truckbook is a virtual trucking carrier based in Rocklin, California. Truckbook provides a suite of services aimed at improving the lives and businesses of the 350,000+ owner-operators in the US through smart load planning and automated back-office support.

About Moneta Ventures
Moneta Ventures is an early-stage venture capital firm based in Folsom, California. The firm invests in high-growth B2B technology companies along the US West Coast and in Texas. Founded by serial entrepreneurs with a track record of building large technology companies, Moneta aims to help companies scale operationally alongside capital investment.

SOURCE Truckbook Logistics