Newtrul, a Chicago, Illinois-based truck load board search engine that connects shippers, brokers and carriers, raised $5.3 million in funding.
The round was led by SignalFire and Flex Capital, with participation from Bessemer Venture Partners, Crowley, Oren Zaslansky, CEO of Flock Freight, John Larkin, and Brad Hollister.
The infusion will enable Newtrul to refine its platform's communication, CRM, and onboarding functions.
"Daily, over 100,000 different shippers and freight brokers are looking for trucks, and over 4 million semi-trucks are looking for shipments. It's not a surprise that with over 400 billion permutations, it's incredibly difficult to find the right vendor/supplier," said Ed Stockman, Newtrul co-founder, and CEO. "We often hear about driver shortages as the main cause for capacity issues, but I'd argue there is a utilization problem that can be solved with the right technology."
Newtrul has over 10,000 active carrier users on its platform and is currently working with about 75 customers.
Company: Newtrul, Inc.
Funding Month: October 2022
Lead Investors: SignalFire and Flex Capital
Additional Investors: Bessemer Venture Partners, Crowley, Oren Zaslansky, CEO of Flock Freight, John Larkin, and Brad Hollister
Company Website: https://newtrul.com/
Software Category: Digital Freight Matching Platform
About the Company: Founded in 2018 and led by Ed Stockman, Newtrul is a digital freight matching platform that integrates with freight brokers to share available loads with carriers digitally in real-time. The carrier platform allows trucking companies to enter Newtrul's user interface to search for the best shipment across multiple customers for each truck. Newtrul is a technology company helping to increase efficiencies in the trucking industry with a digital freight-aggregation platform that provides an easier, simpler, and more cost-effective way to connect everyone and book more loads faster. Newtrul aims to reduce the amount of time and resources needed for two parties to complete a transaction. Newtrul headquarters is in Chicago, Illinois.