Why We Invested in KeepTruckin
G2 Venture Partners is thrilled to announce that we are partnering with Shoaib Makani and the team at KeepTruckin, having led a $190m financing round. Keep Truckin was created to bring technology to the trucking industry, and today powers 90,000 fleets and is used by over a million drivers. They make roads safer, fleets more efficient, and our economy more sustainable with a range of products, including electronic logs, smart dashcams, GPS tracking, and fuel and maintenance management tools. They serve fleets ranging from single-owner operators all the way to the thousands of trucks.
We are excited about partnering with the Keep Truckin team for many reasons, but a few, in particular, stand out.
First, Keep Truckin’s technology improves the sustainability and safety of fleets. On sustainability — independent research from the DoE estimates that improving driving behavior can reduce fuel consumption by 5–10%. Smart dashcams, with AI embedded at the edge, drive massive improvements in driver behavior as a result of their ability to provide real-time, in-cab coaching. Keep Truckin also provides fuel use analytics to customers to help them reduce wasteful driving habits such as hard braking and rapid acceleration. Second, on safety — telematics and dashcams can reduce unsafe behaviors (e.g. distracted driving) by 80%, and reduce overall incident rates by 50%. This is not an abstract problem for drivers, either — 20% of fleet vehicles are involved in an accident each year. Keep Truckin’s technology is helping to make the trucking industry more efficient and ensuring that drivers get home safely.
Second, Keep Truckin has built an incredible capacity to serve SMB fleets — fleets comprising less than 20 trucks. These fleets account for 50% of the US trucking market, but it has historically been difficult for technology companies to sell to these fleets efficiently, and as a result, these smaller fleets have been underserved. Keep Truckin has cracked the code on serving these fleets and is the go-to technology provider in the segment. Over time, Keep Truckin will add other valuable products to support the SMB segment, the most recent exciting example being the Keep Truckin load board, which already has great traction with some of the largest brokers in the space including JB Hunt, Uber Freight, and Echo Global Logistics.
Finally, the Keep Truckin management team is truly exceptional and runs this business with both an infectious vision and a high degree of discipline. We feel honored to be a part of their journey, and we are looking forward to what the future holds for Keep Truckin!
Press Release: https://www.businesswire.com/news/home/20210617005577/en/KeepTruckin-Raises-190-Million-in-New-Funding
Originally published at https://g2vp.medium.com on June 17, 2021.
