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Silicon Valley Bank Provides $30MM in Debt Financing to Trucker Path

June 20, 2017, 07:30 AM
Filed Under: Transportation

Trucker Path, America’s popular freight-matching platform, secured $30 million debt financing from Flexible Funding with the participation of Silicon Valley Bank to scale its financial services offered to trucking companies.

Trucker Path helps carriers find freight instantly and offers essential services such as crowdsourced navigation and financial products. The latter help carriers manage their cash flows and get paid quicker. Currently, Trucker Path’s financial products include freight factoring and fuel advances. Launched in late 2016, financial products are already a profitable part of Trucker Path’s business.

“Carriers often have to complete tons of paperwork and wait 30-60 days before getting paid. Trucker Path helps carriers get paid with just a few clicks on the mobile app – we have brought fintech into the trucking industry by automating the payment process.” said Ivan Tsybaev. “We are extremely excited to partner with Flexible Funding and Silicon Valley Bank, as this will enable us to continue our rapid growth and make the job of more trucking companies easier.”
Trucker Path’s differentiator from other trucking startups is it’s enormous active audience of 550,000 truck drivers (there are 1.6M long haul drivers in America). The platform provides its users with access to available freight in real-time, truck-specific navigational aid and financial services to manage cash flows.
“This new partnership is a great opportunity for Flexible Funding to address the $700 billion trucking market that is behind the curve on tech advancement,” said Paul DeLuca, a Trucker Path investor and Managing Member of Flexible Funding. “We were impressed by Trucker Path’s ability to grow in such a short period. With Flexible Funding’s experience in financial services and the Trucker Path outreach, this has potential to become a leading solution in the market.”

Initially, Trucker Path utilized equity as the source of financing ($20M series A in 2015), but with the steady growth it has been able to gain traction from financial institutions.

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