KeepTruckin, a leading fleet management platform in the trucking industry, has managed to fundraise $149 million in a Series D Funding led by Greenoaks Capital.
The startup can now be termed a unicorn thanks to a valuation of $1.25 billion. Apart from Greenoaks Capital, the existing backers, including Google Ventures (GV), Institutional Venture Partners (IVP), Index Ventures, and Scale Venture Partners, also participated in the fundraising.
This marks the third company with unicorn status that has either Pakistan leadership or significant operations in Pakistan – after Afiniti and Careem.
KeepTruckin itself is based out of San Francisco and develops hardware and software to assist truck drivers in managing vehicles and cargo. Founded in 2013, the startup has gathered 55,000 unique customers and installed its software in hundreds of thousands of automobiles.
The company will use its latest investment to double up its employees’ base to 2000 in the coming 12 to 18 months. The Series D financing raised KeepTruckin’s total to $228 million, which is inclusive of a $50 million Series C round that concluded in March last year.
KeepTruckin software aims at introducing the antiquated trucking industry to the digital age. The platform offers electronic logs and fleet management tools like GPS tracking and driver performance monitoring for dispatchers to track and keep in touch with the drivers.
According to co-founder and chief executive officer of the company, Shoaib Makani, “Our technology really improves the life of the driver. These are real people doing work that keeps our economy moving.”
He said, “Trucking is really the foundation of the American economy. More than 70 percent of all freight is moved over the road in a truck. This is how we eat, consume and produce; without it, our economy wouldn’t thrive.”
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