Ontruck, a European digital road freight platform, has raised 17 million euros in funding. OGCI Climate Investments led the round with participation from Cathay Innovation, Atomico, Idinvest Partners, Total Carbon Neutrality Ventures and Endeavor Catalyst.
PRESS RELEASE
London, 11th June 2020 – Ontruck, Europe’s leading digital road freight platform, has secured an investment round of €17 million euros led by OGCI Climate Investments (OGCI CI). Existing Ontruck investors, Cathay Innovation, Atomico, Idinvest Partners and Total Carbon Neutrality Ventures, participated in the round, with Endeavor Catalyst joining as a new investor.
OGCI CI’s investment will accelerate the development of Ontruck’s transport network and technology through the injection of capital. Ontruck will also seek to leverage the expertise and resources of OGCI’s members to achieve a common goal of developing, implementing and scaling innovative low carbon solutions in commercial transportation. These industry members include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.
To date, Ontruck has cut the percentage of kilometres driven by vehicles running without cargo from 44% – the industry average – to 19%. This achievement, which prevented 728,000 kgs of C02 emissions from entering the atmosphere, consolidates the platform’s position as a market leader in providing sustainable transport solutions.
“We are honoured to welcome on board OGCI Climate Investments as a new investor”, says Iñigo Juantegui, CEO and co-founder of Ontruck. “OGCI CI shares our vision to drive a step-change in efficiency across the €600 billion trucking industry in Europe, and reduce the millions of tons of carbon emissions generated by trucks driving empty each year. Our partnership with OGCI Climate Investments and the potential to leverage our technology through OGCI’s members will accelerate our ability to build a new future for logistics in Europe, one that is efficient, transparent and sustainable”.
Pratima Rangarajan, CEO of OGCI Climate Investments, said “We are pleased to add Ontruck to our portfolio of low-carbon solutions. Ontruck’s technology demonstrates that increased efficiency can have an immediate and substantial impact on reducing carbon dioxide emissions. We look forward to helping them achieve greater scale faster.”
Since 2016, Ontruck’s first-to-market innovations have transformed the logistics industry to create the most efficient and socially responsible platform for road transport. The startup’s zero-touch load matching of shipments to carriers has fully automated 90% of loads in main regions while providing greater flexibility for shippers by assuring 100% capacity even in urgent situations. This is done using data algorithms to predict peak demand, routing shipments to maximize carrier utilisation, and dynamic pricing to balance the marketplace.
In four years, the company has reinforced its European footprint with operations in Spain, the UK, France, and the Netherlands with further plans for expansion. The startup is powered by an executive team that combines a diversity of expertise from the start-up world, including founders who have guided companies to successful exits together with seasoned executives from logistic powerhouses such as Uber, CH Robinson and XPO Logistics.
Ontruck has built trusted partnerships with the largest companies in Europe, such as Auchan, Pepsico, P&G, Codorniu, GBFoods, CHEP and Decathlon.
About Ontruck
Ontruck is a digital road freight platform that offers the most efficient and low-carbon solution to transport goods. Combining data, artificial intelligence and market-leading technology, Ontruck is transforming the €600 billion trucking industry in Europe. The platform reduces transportation costs for shippers, increases earnings for carriers, and removes carbon emissions generated from empty trucks, enabling a more sustainable future of transportation. Ontruck partners with Europe’s largest companies, including Auchan, Pepsico, P&G, CHEP and Decathlon, to drive efficiency and environmental goals.
Ontruck has offices in Madrid, Barcelona, London, Paris, and Amsterdam and has received the support of top investors including Cathay Innovation, Atomico, Idinvest Partners, OGCI, Total Carbon Neutrality Ventures, Point 9 Capital, Samaipata Ventures, All Iron Ventures, GP Bullhound and Endeavor Catalyst. Ontruck has closed three rounds of financing worth 53.2 million euros. The startup has also received the 2019 Digital Transformation award at the Lloyd’s Loading List Global Freight Awards, recognising it’s excellence in innovative new processes that are revolutionising the forwarder – shipper relationship. Most recently it has been awarded the Lean & Green Europe award in recognition of its commitment to lowering carbon emissions across European logistics and retail.
More information at www.ontruck.com
About OGCI Climate Investments:
OGCI Climate Investments is a $1B+ fund that invests in solutions to decarbonize sectors like oil and gas, industrials and commercial transport. We look for outcomes that reduce methane and carbon dioxide emissions, and that can recycle or store carbon dioxide. Achieving significant impact requires global implementation and commercial frameworks – at OGCI Climate Investments, we collaborate with innovators, investors and governments to fund and implement impactful solutions.
To learn more about OGCI Climate Investments, please visit: www.oilandgasclimateinitiative.com/climate-investments
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