New funding drives company expansion in advance of April 1 ELD mandate
Today, KeepTruckin, the leading electronic logs and fleet management platform for the trucking industry, announced it secured $50 million in Series C financing. The latest round brings the company’s total funding to $78 million. With this funding, KeepTruckin will invest in product development, expand sales and support teams, and enter new markets. IVP led the round with participation from existing investors Scale Venture Partners, Index Ventures, and Google Ventures. IVP General Partner Sandy Miller will join the KeepTruckin Board of Directors and IVP Principal Roseanne Wincek will join as Board Observer, effective immediately.
In the past 12 months KeepTruckin has grown at a record clip. In addition to growing annual recurring revenue 80x, the company expanded its team from 70 to 500 members over its six global offices and grew its customer base from 500 to over 30,000 companies.
To our knowledge, we’re one of the fastest growing SaaS companies ever,” said Shoaib Makani, cofounder and CEO of KeepTruckin. “More importantly, we are building the largest network of connected trucks in the world and fundamentally improving the safety and efficiency of the trucking industry. With this new investment, our network will grow to 400,000 trucks by the end of 2018.
Launched in 2013, KeepTruckin’s electronic logging and fleet management solution connects vehicles, drivers, and fleet managers on a single platform. The company provides a modern electronic logging device (ELD) and software that handles compliance, safety, GPS tracking, fuel tax reporting, and much more.
Lead investor IVP has a strong track record of backing industry-leading fleet management software companies like Fleetmatics and @Road. Fleetmatics had a highly successful IPO and was later acquired by Verizon for $2.4B in 2016. @Road was acquired by Trimble in 2007 for $496M.
“KeepTruckin has harnessed the power of the smartphone to build a driver-first electronic logs and fleet management tool,” said Sandy Miller, general partner of IVP. “It is one of the fastest growing software companies we’ve ever seen, which is a testament to Shoaib’s, Obaid’s, and Ryan’s vision, deep understanding of a market and customer empathy, and building to scale.”
This announcement comes just before the Federal Motor Carrier Safety Administration begins enforcing the ELD mandate on April 1, 2018. The mandate requires all truck drivers who maintain a driving log to use a compliant ELD to record their hours of service. KeepTruckin’s ELD, the top rated ELD solution among truck drivers, is currently available for purchase at keeptruckin.com or at Pilot Flying J truck stops across the country. Fleet owners and truck drivers who use the KeepTruckin ELD benefit from reduced paperwork, streamlined operations, increased efficiency, and fewer HOS violations.
KeepTruckin is on a mission to improve the safety and efficiency of America's trucking industry by building modern technology products for truck drivers and fleet managers. The company provides drivers with the #1 rated Electronic Logbook App for iOS & Android. The KeepTruckin Dashboard for fleets helps teams audit driver logs, manage IFTA fuel taxes, and track vehicles in real-time. KeepTruckin is trusted by over 40,000 fleets for ELD compliance, IFTA reporting, GPS tracking and much more. To learn more visit, www.keeptruckin.com.
Published — March 20, 2018