CloudTrucks, a Nigerian-led logistics tech startup has raised $20.5 million in a Series A round led by Caffeinated Capital with participation from Craft Ventures, Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures, and Better Tomorrow Ventures.
The platform helps truck drivers optimize their day; it connects them to customers. CloudTrucks gives truck drivers the luxury of searching and booking loads across top brokers and shippers without ever having to call a broker themselves.
It affords drivers to receive instant payment upon proof-of-delivery at no additional cost.
CloudTrucks has built a mobile app where drivers can see loads coming from many different shippers across the country, and the company has an algorithm (called Schedule Optimizer) which helps drivers make better decisions on which loads to take to increase their revenue.
Co-founded by Tobenna Arodiogbu, who has previously led Scotty Labs to a successful acquisition by DoorDash, he explained that the problem CloudTrucks is solving is to help truck drivers manage their business better.
“We noticed that more and more drivers wanted to take control of their schedule and become entrepreneurs and needed a lot more help with managing everything: from revenue, cash flow as well as minimizing their costs,” Arodiogbu says.
Along with the announcement of the funding round, CloudTrucks has rolled out a payment product called CT Cash– a free instant pay and cash card designed for truckers and developed in collaboration with Visa.
Drivers can now receive instant payment upon proof-of-delivery at no additional cost.
“It helps users get paid faster so they don’t have to worry about getting paid in 30 or 45 days or tracking which jobs they are paid or not paid for,” Arodiogbu says. “We take over all of that stuff so they can run their businesses with fewer headaches.”