CloudTrucks, a San Francisco, California-based startup that sells business management software that helps owner-operators manage cash flow and costs, generate revenue, handle insurance, and more, raised a $115 million Series B.
The round was led by Tiger Global, with participation from Menlo Ventures, as well as investment from Flexport and angel investors Michael Ovitz and Opendoor CEO Eric Wu, and brought the startup’s total funding amount to $141.6 million.
The company will use the funds to increase headcount as it expands its business, which operates in the United States. The company also wants to broaden its digital integration with brokers and shippers.
Company: Cloud Technologies, Inc.
Round: Series B
Funding Month: November 2021
Lead Investors: Tiger Global
Additional Investors: Flexport, Michael Ovitz, and Eric Wu
Company Website: https://www.cloudtrucks.com/
Software Category: Business management software
About the Company: CloudTrucks is the virtual trucking carrier, providing a complete "business in a box" solution for owner-operators and small trucking carriers at a much lower cost using software engineering, data science, and world-class operations processes. CloudTrucks' mission is simple - to put more money in the hands of truck drivers and reduce their headaches. CloudTrucks launched three products over the past year to help solve trucking business challenges. CT Cash helps drivers get paid faster and alleviate cash flow constraints with instant pay and cash card options, as well as cash advances, so drivers don’t have to worry about not having enough funds for fuel or maintenance.