Skip to content
Search AI Powered

Latest Stories

newsworthy

Truckstop.com lands investment from venture capital firm

ICONIQ Capital becomes majority shareholder, sees "incredible growth" potential in freight industry.

Freight marketplace and load board service operator Truckstop.com has sold a majority interest in the company to investment firm ICONIQ Capital, and plans to use the new resources to expand its portfolio of technology solutions, the company said today.

Terms of the deal were not disclosed, but New Plymouth, Idaho-based Truckstop.com said its founder, Scott Moscrip, and its existing management team would maintain a "significant" ownership stake in the company.


As Truckstop.com's new majority shareholder, San Francisco-based ICONIQ said it valued Truckstop.com's technology platform that removes friction for parties within the freight ecosystem and supports a network of transportation professionals across the country. "The $1 trillion freight industry is primed for incredible growth and technology adoption in the coming years, as tech-enabled platforms are increasingly essential for managing operations, reducing costs and improving efficiency," Will Griffith, partner at ICONIQ Capital, said in a release.

Truckstop.com says its solutions include: freight matching; marketplace rates; partner vetting tools; credit and insurance insights; transactional cargo insurance; freight tracking and visibility; transportation management systems (TMS); integrations with industry software partners; and payment solutions.

In a blog post, Truckstop.com CEO Paris Cole said the investment would not change the firm's strategy in providing those products for its users. "You, our customer, remain our top priority. We will continue to provide you with innovative technology solutions to grow your business," Cole said in the blog. "This investment allows us to focus on improving your experience and expanding our product portfolio for carriers and brokers alike."

According to Cole, ICONIQ will support Truckstop.com's goal of product innovation and join in the company's mission to simplify the freight lifecycle for carriers and brokers.

Truckstop.com has been growing fast in recent months, acquiring the freight bill financing firm D&S Factors LLC and the freight transportation software vendor Grizella LLC. Also in 2018, the company announced a partnership with supply chain consultancy Chainalytics and an integration with transportation management system (TMS) vendor MercuryGate International Inc.

The Latest

More Stories

legal scales and gavel

FMCSA rule would require greater broker transparency

A move by federal regulators to reinforce requirements for broker transparency in freight transactions is stirring debate among transportation groups, after the Federal Motor Carrier Safety Administration (FMCSA) published a “notice of proposed rulemaking” this week.

According to FMCSA, its draft rule would strive to make broker transparency more common, requiring greater sharing of the material information necessary for transportation industry parties to make informed business decisions and to support the efficient resolution of disputes.

Keep ReadingShow less

Featured

chart of trucking conditions

FTR: Trucking sector outlook is bright for a two-year horizon

The trucking freight market is still on course to rebound from a two-year recession despite stumbling in September, according to the latest assessment by transportation industry analysis group FTR.

Bloomington, Indiana-based FTR said its Trucking Conditions Index declined in September to -2.47 from -1.39 in August as weakness in the principal freight dynamics – freight rates, utilization, and volume – offset lower fuel costs and slightly less unfavorable financing costs.

Keep ReadingShow less
chart of robot use in factories by country

Global robot density in factories has doubled in 7 years

Global robot density in factories has doubled in seven years, according to the “World Robotics 2024 report,” presented by the International Federation of Robotics (IFR).

Specifically, the new global average robot density has reached a record 162 units per 10,000 employees in 2023, which is more than double the mark of 74 units measured seven years ago.

Keep ReadingShow less
person using AI at a laptop

Gartner: GenAI set to impact procurement processes

Progress in generative AI (GenAI) is poised to impact business procurement processes through advancements in three areas—agentic reasoning, multimodality, and AI agents—according to Gartner Inc.

Those functions will redefine how procurement operates and significantly impact the agendas of chief procurement officers (CPOs). And 72% of procurement leaders are already prioritizing the integration of GenAI into their strategies, thus highlighting the recognition of its potential to drive significant improvements in efficiency and effectiveness, Gartner found in a survey conducted in July, 2024, with 258 global respondents.

Keep ReadingShow less
Report: SMEs hopeful ahead of holiday peak

Report: SMEs hopeful ahead of holiday peak

Businesses are cautiously optimistic as peak holiday shipping season draws near, with many anticipating year-over-year sales increases as they continue to battle challenging supply chain conditions.

That’s according to the DHL 2024 Peak Season Shipping Survey, released today by express shipping service provider DHL Express U.S. The company surveyed small and medium-sized enterprises (SMEs) to gauge their holiday business outlook compared to last year and found that a mix of optimism and “strategic caution” prevail ahead of this year’s peak.

Keep ReadingShow less