Folsom venture capital firm Moneta Ventures has invested $3 million in seed funding into TruckBook, a platform that supports independent owner-operators of trucking companies.
Rocklin-based TruckBook launched in 2018 as a community-powered navigation app for truckers. It has expanded into an entire platform that also handles load-booking and payments, among other services.
“TruckBook’s Maps app is one of the most widely used apps for truckers, and their innovative new platform for owner-operators can transform livelihoods for millions of existing and aspiring owner-operators in America today,” said Moneta Partner Sabya Das, in a news release. Das will join TruckBook’s board of directors.
“We set out to create a solution that impacts the lives of millions of truckers. By leveraging top-notch engineering and data science teams, we allow operators to choose their own schedule and maximize their profit,” said TruckBook CEO and founder Pardeep Singh Bajwa, in a news release.
Bajwa previously worked at a logistics company, and before that he was a software developer with Hewlett Packard Co.
According to technology company tracking site Crunchbase, TruckBook has a community of more than 100,000 active professional truck drivers and over 3,000 trucking companies.
Bajwa said the investment will allow it to solidify its place as a platform of choice for owner-operators on the West Coast.
TruckBook uses an artificial intelligence platform to provide truckers with smart load booking to maximize revenue so they don't drive empty.
Moneta has invested in many local startup companies, including Sacramento-based social media marketing management platform Grin, Gold River-based real estate technology platform CREtelligent, Folsom-based software services company The Silicon Partners Inc., Sacramento-based human resources support company Humanly.io and Davis-based retail analytics company Engage3.