American truckers’ app Trucker Path has raised $1.5 million in funding. The investor was Renren. According to the company, the capital infusion will be used for growth.
Mountain View, CA — March 4 — Trucker Path, the most popular app for American truckers, announced today that it has closed $1.5 million in funding from Renren, a Chinese holding company that powers one of China’s biggest social networks. Trucker Path also revealed that it now has more than 100,000 active users and over 20% of month-over-month growth on its platform. This funding will cement Trucker Path’s leading role in the industry, as well as fuel its continued growth.
Trucker Path puts all the information truckers and trucking companies need to know at their fingertips. The easy-to-use mobile app shows all major and independent truck stops, truck parking, rest areas, open/closed weigh stations, Walmart stores with truck parking, scales, truck washes, hotels, and restaurants nearby. Trucker Path also helps truckers save time and money with a Trip Planner that displays places on the route, along with driver reviews, and up-to-date information on open or closed weigh stations, so drivers can ensure the stops meet their needs. All information is constantly verified and updated by other Trucker Path users and the team to ensure its accuracy.
This wealth of crowdsourced information helped Trucker Path build up a massive user base of truckers, which set the stage for the startup’s launch of a platform that connects commercial truckers in the U.S. to shippers who have loads to move. Currently invite-only, the app enables truckers to find new jobs and access logistical assistance, and businesses that have shipping needs can quickly find a professional to fulfill them. The marketplace-driven approach creates a more efficient and cost-effective system for parties on both sides. To help achieve this goal, Trucker Path is looking to acquire a freight broker.
“The American trucking industry definitely needs changes,” said CEO Ivan Tsybaev. “It’s back in the 90s or early 2000s in terms of the technology, and this multiplies middlemen in the industry who increase the transportation costs to shippers and decrease the truckers’ profits. There’s no surprise that the demand in trucking jobs is so high. Our mission is to solve not only economic, but also social problems in the industry – truckers deserve to earn more, America needs to make trucking more appealing for the younger generation.”
Trucking is a $650 billion industry and more than 80% of freight transportation in the U.S. is done by trucks. The international market for freight brokerage alone, which is where Trucker Path specializes, is worth $150 billion annually. With 100,000 truckers already using its apps, Trucker Path has a huge competitive advantage over other players in the market. This funding from Renren will expand Trucker Path’s business in the U.S. and help establish its presence in China. The startup will also introduce new features into the app soon, including fuel prices and low clearances.
“I think I’ve tried just about every trucker assistance application available for Android, and a few aren’t cheap, but I keep coming back to this little gem,” said Gordon from 18 Wheel Life.
Trucker Path was founded by Ivan Tsybaev, who previously owned a successful commercial freight transportation company. He has 5+ years of experience in both logistics and IT, with a deep understanding of both trucking and software development, which gives him a rare and powerful perspective on the industry. Trucker Path is also on the top ten list of free Android apps for Transportation with a 4.6 star rating. To further boost its popularity, Trucker Path is also giving away over $5,000 in prizes, including a brand new iPad, to say Thank You to all its truckers. Users can learn more here.
About Trucker Path: Trucker Path is a platform that helps carriers to find truckloads on a smartphone easily, and connects shippers or brokers with the right carriers. It’s also known as the most popular and useful app for American truckers, since it provides navigational assistance to professional truck drivers.