Denver-based Fluid Truck, a peer-to-peer truck sharing platform company, has announced a major funding round of 63 million US dollars. Bison Capital led the Series A with participation from several other venture capital firms. The money will finance Fluid Truck’s expansion plans for its operations across the United States.
In this article, we’ll take a closer look at the story behind the company and what this important funding round could mean for its future.
Overview of Fluid Truck
Fluid Truck plans to use a recent infusion of investment capital to expand its operations from Southern California and into more regions of the United States. With this funding, the company plans to purchase more vehicles, hire additional staff and establish a new centralised administrative office.
Originally formed in 2012, Fluid Truck provides businesses with direct-to-site transportation and delivery services of large shipments from one city to another. Warehousing is also available for any extra inventory customers require storage for. Over the past six years, Fluid Truck has grown exponentially, building a fleet of 600 trucks used nation-wide by some of America’s largest companies.
Fluid Truck has distinguished itself by providing cost effective freight solutions consistent with customer’s goals and budget and developing customised transportation solutions tailored to each customer’s unique requirements. In addition, they ensure environmentally friendly transport practices in all business decisions; offering electric trucks in extremely polluted areas such as Long Beach CA while promoting renewable fuels like biodiesel elsewhere.
The company prides itself on its commitment to quality service while minimising the risks associated with competitor’s prices which may contain hidden costs or unrealistic delivery times that don’t guarantee on-time arrivals. Fluid truck plans to continue this high standard as it expands its service into more regions within America’s ‘lower 48 states’; enabling customers across different markets to benefit from their services.
Overview of Bison Capital
Bison Capital is a private equity firm focused on building and scaling early-stage companies in sectors that offer mission-critical logistics solutions. In addition, they invest in minority-owned businesses and provide incubation and coaching services to qualifying entrepreneurs.
Bison Capital partners with successful entrepreneurs with the talent and skill to bring innovative ideas to life. With their decades of experience and expertise, Bison Capital empowers founders to launch, grow, and scale their business at unprecedented speeds. Their proven models provide a low risk path for market entry, allowing founders to quickly ramp up resources for growth and success, without facing prohibitive risk or stress associated with bootstrapping or heavy debt financing.
By providing the necessary capital, guidance and mentorship needed for successful execution of a venture, Bison Capital’s portfolio companies are empowering underserved communities with access opportunities through its comprehensive ecosystem of angel investors, venture capitalists, clients and partners.
Fluid Truck’s Series A Funding
Denver-based Fluid Truck, a peer-to-peer truck sharing platform company, recently announced that it has raised a $63M Series A led by Bison Capital.
This is great news for the company and its customers, as it will enable them to expand their operations and offer more services.
Let’s take a closer look at the details of Fluid Truck’s Series A funding.
Size of the funding round
Fluid Truck, a delivery and operational logistics software provider to the trucking industry, announced its Series A funding round of $11 million. The round was led by Formation 8 with participation from existing investor Webb Investment Network. The company also received additional follow-on funding from existing angel investors.
Fluid Truck was founded in late 2016 to create an efficient marketplace model to optimise shipments and warehouses, thus improving the overall delivery experience for truckers around the globe. The company will accelerate product development and expand operations globally with this new capital.
Formation 8’s Senior Principal, Joe Lonsdale said, “The Fluid Truck team has made incredible progress over the past year by building out their technology platform and fostering great relationships with customers through their deep understanding of the trucking industry. We look forward to supporting Fluid as they continue gathering market insights and rapidly scaling up operations.”
Investors involved
Fluid Truck has announced that it raised $30 million in a Series A funding round. Led by Founders Fund and 8VC, the round consists of notable investors from the automotive industry, including strategic investors such as Autotech Ventures, technology companies like BMW iVentures, logistics companies such as XPO Logistics commercial banks including CIT and Gletes Ventures.
Founders Fund Managing Partner Brian Singerman explains, “Our investment in Fluid Truck is a unique opportunity to align capital with experienced leadership to drive transformational outcomes across the transportation technology landscape”. Additional seed investors included Mayfield Capital, Revolution’s Rise of the Rest Seed Fund, Refactor Capital and Freight-Tech Venture Partners.
The company plans to utilise its new funding to expand operations into over 20 additional US cities in 2020 and beyond. Fluid Truck’s CEO Lillian Chou describes the new capital influx as “an important milestone for our mission of making trucking smarter for shippers everywhere”.
How the funds will be used
Fluid Truck has recently announced the close of their Series A funding round, bringing in $9.7 million from various investors including venture capital firm Element 8 and tow truck marketplace provider Road Rescue Group.
The funds raised will be used to expand operations for Fluid Truck to meet customer demand for hauling services. This includes upgrading the fleet technology platform, developing marketing campaigns, and establishing strategic partnerships. Additionally, they plan to invest in hiring new personnel and training existing staff on the latest safety regulations and procedures.
Fluid Truck is optimistic that this funding will allow it to better serve its customers by increasing their capabilities with more efficient operations management solutions and improving customer service responses. In addition, the company will continue to take proactive steps towards advancing its growth within the trucking industry by focusing on innovation and customer satisfaction.
Expansion Plans
Denver-based Fluid Truck, a peer-to-peer truck sharing platform company, has recently announced that it has raised a $63 million Series A round led by Bison Capital, to expand its operations.
This capital raise will allow the company to expand its reach, both domestically and abroad. In addition, the company aims to use the new funds to capitalise on its position in the industry and create further opportunities for its customers.
Expansion of the platform
With the recent funding, Fluid Truck plans to expand its platform to capture new customers. Currently the platform can connect drivers directly to shippers in the same geographic area and operate over short distances. The expansion plan is designed to develop a nationwide network of shippers and drivers while keeping local operations intact.
The expansion plan of Fluid Truck focuses on three main objectives: diversifying customer base, building efficient distribution systems, and creating an enhanced customer experience.
Diversifying Customer Base: To build a nationwide network, Fluid Truck will partner with several regional carriers to access their respective customer bases and offer competitive shipping services that meet their unique needs. Through effective strategic partnerships with carriers across the country, Fluid Truck will be able to provide more options for shippers seeking competitive shipping services from multiple carriers in different regions.
Building Efficient Distribution Systems: The expansion plan also includes building custom-made distribution systems tailored for different types of products in order to increase efficiency within their supply chain operations. These systems will be designed with an eye out for practicality and cost-effectiveness, ensuring that customers receive their shipments on time while keeping costs minimal. This is expected to reduce delivery times and give greater control over operations within each service region.
Creating an Enhanced Customer Experience: The goal for expanded operations is not just about offering competitive shipping services but also about creating an improved customer experience from end-to-end by leveraging modern technological advances such as digital tracking solutions that provide real-time delivery updates throughout transit routes and integrated payments platforms that simplify the process of invoicing customers upon delivery completion. In addition, Fluid Truck plans to introduce user-friendly booking systems partnered with predictive analytics capabilities which will improve visibility into data about upcoming orders so customers can better manage capacity expectations around peak shipment times or seasonal surges in demand.
Expansion of team
Fluid Truck is thrilled to announce that the company is using its recently acquired funding from investors to expand operations and develop its workforce. With the new funding, Fluid Truck will be able to double their team of employees and add a number of new roles.
The current team at Fluid Truck has shown great dedication and commitment to the company’s mission, resulting in incredible growth in a short amount of time. Thanks to the new round of funding, Fluid Truck can bring on additional personnel to further propel its success. The open job postings now include roles such as product managers, engineers, product designers, software developers and technical support specialists. In addition, all positions are remote – allowing candidates from across the globe to join Fluid Truck’s rapidly expanding team!
Fluid Truck’s mission focuses on creating better technology experiences for their users worldwide by utilising cutting edge cloud infrastructure solutions. Their newly funded projects will help them continue enhancing their existing products and developing innovative new solutions for customers worldwide.
The venture-backed startup would love nothing more than to identify candidates with the same passion for innovation that has made them such a successful organisation thus far! So if you’re looking for an opportunity to make engaging digital solutions come alive, apply now at FluidTruck.com today!
Expansion of services
Fluid Truck, a start-up dedicated to helping businesses harness the power of digital freight, is using its new funding to expand its services and reach more businesses nationwide. With plans to double in size over the next 12 months, Fluid Truck will use its resources and new capital injection to improve their existing services while expanding into new territories.
The expanded services will introduce tiered service options that provide customers with different levels of support depending on their needs. Customers will also gain access to a range of advanced features currently unavailable such as real-time shipment tracking and automated alerts for delays or changes in route. They will also be able to take advantage of additional discounts thanks to collective buying power with partners across the U.S.
The company has also invested in improving the overall customer experience by hiring additional customer service staff, introducing more intuitive web interfaces, and developing Android and iOS mobile applications for on-the-go convenience. Additionally, Fluid Truck plans to invest in infrastructure such as better mapping software and increasing availability of safe parking locations near all terminals throughout the country. These investments are expected to create an even smoother experience throughout the shipping process and open up access points for businesses that might not have had it before.
Denver-based Fluid Truck, a peer-to-peer truck sharing platform company, raises $63M Series A led by Bison Capital (Ed Garsten/Forbes)
Denver-based Fluid Truck, a peer-to-peer truck sharing platform company, has announced that it has raised $63 million in a Series A round led by Bison Capital. The new funding will be used to expand operations across the US and expand the platform’s features.
Let’s talk about the benefits of expansion that the company is expecting to see.
Increased customer base
The planned expansion of Fluid Truck’s operations, which is funded by new capital, offers a number of benefits for both customers and the company. Firstly, the company will be able to increase its customer base by opening new locations and laying a platform for e-commerce activities. This move will not only help them serve new customers but will also enable them to cater to existing customers more efficiently.
Furthermore, Fluid Truck’s planned expansion has allowed the firm to hire more staff and acquire better equipment, improving its efficiency in delivering services to its clients. Moreover, they have also launched several promotional campaigns with partner companies to draw in potential customers and engage with existing ones. This move has also enabled the company to expand their services beyond just providing trucks but also offering related services such as transportation of goods, local delivery services, warehousing, etc., further broadening their customer base.
The increased customer outreach that comes with this expansion is expected to yield substantial rewards for Fluid Truck in the form of increased profits while providing the best possible service quality experience for their esteemed clients.
Enhanced customer experience
The primary benefit of the company’s expansion plans is that it will help to improve customer experience. By acquiring new trucks and training personnel, Fluid Truck will be able to rapidly deliver products to its customers worldwide. In addition, this increased fleet size and personnel training will result in shorter waiting times and fewer delays when customers place orders.
The expansion will also allow Fluid Truck to expand its offerings and develop a larger range of products that can be delivered same-day or overnight, further enhancing the customer experience. The company also plans to utilise mobile apps, artificial intelligence (AI), and augmented reality (AR) to further improve deliveries.
In summary, by expanding operations through the use of additional resources and advances in technology, Fluid Truck aims to create a more efficient system that offers expanded products and services for customers worldwide.
Ability to provide more services
For Fluid Truck, the new funding has enabled the company to extend their reach and to provide more customers with their services. This means that more people can take advantage of the convenience of having a truck come to them and bring a variety of products directly. In addition, since Fluid Truck is available in over 100 cities across the United States, they are now able to reach more customers, making their business accessible to an even larger customer base than before.
The ability to provide more services extends beyond just increasing clientele numbers. Now that Fluid Truck can increase its reach, they can offer additional services such as completely customised services tailored towards each customer’s needs. They can also offer faster delivery times and expand their selection of products for customers to access a variety of items from food items, textbooks or anything that someone would need and be unable to find at their local store. Expansion also enables them to better negotiate bulk discounts on select items with suppliers.
Lastly, expansion helps Fluid Truck provide competitive pricing which in turn helps them increase sales or profits and obtain higher customer satisfaction ratings due increased quality of service being provided by the staff agents interacting with clients directly or indirectly via voice or email support channels or through utilising mobile web app interfaces.
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