TrueNorth Locates $50 Million Series B Round

<p><strong><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;strong> &&num;8212&semi; <u>TrueNorth<&sol;u>&comma; a Y Combinator graduate that operates a business platform for independent truckers&comma; has secured <span class&equals;"xn-money">&dollar;50 million <&sol;span>in a Series B funding round led by early-stage investors Lachy Groom and Sam&comma; Max&comma; and <span class&equals;"xn-person">Jack Altman<&sol;span>&period; Other investors include the Flexport Fund&comma; Tribe Capital&comma; Original Capital&comma; K5 Global&comma; 137 Ventures&comma; and Fifth Down Capital&comma; among others&period;<&sol;p>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>The company has now raised a total of <span class&equals;"xn-money">&dollar;61&period;8 million<&sol;span> which includes a previously-unannounced <span class&equals;"xn-money">&dollar;8&period;5 million <&sol;span>Series A&comma; which Lachy Groom led&comma; in <span class&equals;"xn-chron">November 2020<&sol;span>&period; Other early investors include Front&&num;8217&semi;s <span class&equals;"xn-person">Mathilde Collin<&sol;span>&comma; Figma&&num;8217&semi;s <span class&equals;"xn-person">Dylan Field<&sol;span>&comma; Intercom&&num;8217&semi;s <span class&equals;"xn-person">Eoghan McCabe<&sol;span> and Des Traynor&comma; Stripe&&num;8217&semi;s <span class&equals;"xn-person">Claire Hughes Johnson<&sol;span>&comma; and Color Genomics&&num;8217&semi;s <span class&equals;"xn-person">Elad Gil<&sol;span>&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>TrueNorth&&num;8217&semi;s mission is to ensure the people who deliver the lion&&num;8217&semi;s share of the value in freight — truckers — take home the lion&&num;8217&semi;s share of the profits&period; The company plans to use the capital to further invest in its platform&comma; which gives independent truckers a single place to manage their businesses&period; The platform helps truckers increase their top-line revenue and decrease their bottom-line costs&comma; ensuring they get to keep more of their hard-earned cash&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Many of our drivers are taking home <i>twice<&sol;i> — some even more — than what they did previously&comma;&&num;8221&semi; said <span class&equals;"xn-person">Jin Stedge<&sol;span>&comma; CEO and Co-Founder of TrueNorth &lpar;<em>photo above<&sol;em>&rpar;&period; &&num;8220&semi;We increase their revenue by helping them find the highest-paying trucking jobs and making it dead-simple to book them&period; We decrease their costs by consolidating all vendors in one place and offering steep discounts on fuel&comma; insurance&comma; and equipment&period; Operating a single truck costs well over <span class&equals;"xn-money">&dollar;100&comma;000<&sol;span> a year <i>before<&sol;i> the driver gets paid&period; By offering truckers a single platform to manage their entire businesses&comma; we help them truly understand and minimize their spend&period;&&num;8221&semi;<&sol;p>&NewLine;<p>TrueNorth&comma; which participated in Y Combinator in 2020&comma; has seen strong organic customer growth in the two years since its founding&period; In the last six months&comma; the company has grown its revenue by 3&period;4x as it improved its contribution margin by 64&percnt;&period; It grew its headcount by 67&percnt; during that time&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Most technology companies entering the trucking space build beautiful products&comma; but don&&num;8217&semi;t solve actual problems the truckers face every day&comma;&&num;8221&semi; says investor Lachy Groom&period; &&num;8220&semi;TrueNorth focuses on making truckers more money and helps them live less stressful lives by tying everything into a single&comma; consumer-grade platform&period;&&num;8221&semi;<&sol;p>&NewLine;<p><span class&equals;"xn-person">Mike Tomlinson<&sol;span>&comma; a truck driver and owner-operator&comma; said TrueNorth has changed the way he works&period; &&num;8220&semi;With such a tight cash flow&comma; I was always thinking about getting the next haul&period; I&&num;8217&semi;d go months without taking any time off for myself&period; With TrueNorth&comma; I&&num;8217&semi;m seeing the light at the end of the tunnel&period; I&&num;8217&semi;m not so cash-strapped these days&period; Pretty soon&comma; it might even make sense to buy a house&period; It&&num;8217&semi;s time for me to discover fun again&period;&&num;8221&semi;<&sol;p>&NewLine;<&sol;div>&NewLine;