KeepTruckin raises a massive $149 million Series D funding to serve and disrupt the $740 billion trucking industry
KeepTruckin, a San Francisco, CA-based startup helping trucking companies manage their fleets and have their drivers legally log their hours, has raised a massive $149 million in a Series D investment to fuel the company’s continued growth through hiring exceptional talent, investing in hardware, building strong partnerships and furthering advancements in machine learning. The round, which brings total funding to $228 million, was led by Greenoaks Capital, with participation from existing investors IVP, GV, Index Ventures and Scale Venture Partners.
KeepTrucking was founded in 2013 by Obaid Khan, Ryan Johns, and Shoaib Makani, with the mission to improve the efficiency and profitability of America’s trucking industry by building great technology products for truck drivers and fleet managers. Its ELD solution, KeepTruckin ELD, is the easiest to use and most affordable electronic logging system on the market. KeepTruckin provides drivers with the number one rated Electronic Logbook App for iOS & Android. For fleets, KeepTruckin’s web dashboard automates log auditing, IFTA reporting, vehicle location tracking, and more. KeepTruckin is trusted by over 400,000 drivers and 13,000 fleets.
KeepTruckin powers one of the world’s leading networks of connected trucks, helping more than 250,000 vehicles and over 50,000 for-hire carriers run more efficiently, safely, and reliably. KeepTruckin’s fleet management solutions and its partner network tackle pervasive problems including vehicle and driver compliance, safety, freight tracking, and keeping trucks full and on the road. Powerful analytics from this expansive network bridge the gap between freight data and how to use it to make accurate decisions.
“Our mission is to connect the world’s trucks and fundamentally improve the safety and efficiency of the trucking industry while helping companies grow. We believe that if you can model the past, you can predict and even shape the future,” said Shoaib Makani, CEO and co-founder, KeepTruckin. “Our platform unlocks the data that makes this vision possible. The Greenoaks Capital team along with our existing investors share our belief that technology will transform trucking.”
“Trucking is forecasted to be a $1 trillion industry by 2024 and is the backbone of the global economy, yet has been underserved by technology. But change is coming and KeepTruckin is at the leading edge,” said Neil Mehta, founder and managing partner, Greenoaks Capital. “KeepTruckin is building the technology that trucking companies need to compete in the modern economy. The network that KeepTruckin has built will enable it to change the way freight is moved on our roads.”
KeepTruckin has grown substantially in the past year, increasing global headcount by over 2X across seven offices. KeepTruckin App Marketplace integrations are used by over 130,000 trucks in fleets of all sizes, offering customers 25 integrations across 10 categories including TMS, navigation, fuel management, and maintenance. The company’s hardware solutions now include the KeepTruckin Smart Dashcam and expanded safety features to identify behaviors associated with critical events and educate fleets on ways to prevent them from happening. Further innovations expected from KeepTruckin over the course of the coming year include new hardware to improve safety, asset management tools to identify inefficiency, and intelligent freight insights to make smarter decisions.