Ontruck, a Madrid startup that has developed a logistics platform to connect businesses with road freight carriers, has raised $10 million in venture funding.
According to a report in TechCrunch, the Series A round of funding was co-led by Atomico and Idinvest. Other venture capitalists that participated in the round include existing investors Point Nine Capital, La Famiglia and Samaipata Ventures.
Ontruck was founded last year and is one of several startups that are aiming to take the road freight market online and increase transparency for an industry that is often described as arcane and opaque.
The platform lets companies that have road freight shipping needs get an instant price for their trip, date it would arrive and the specifications of the truck. Businesses can select a pick-up slot, and the shipments are traceable throughout the freight truck’s trip.
Truck drivers and big fleet managers also use the platform to accept jobs on a first-come, first-claim basis. The company says that service is designed to increase the utilization of the truck assets and enables them to get paid automatically and on time, TechCrunch reported.
In an interview with TechCrunch, Ontruck Co-Founder and Chief Executive Iñigo Juantegui, said the startup adds value in a handful of ways, but the most important is by offering real-time pricing. If the price is set too low by Ontruck, it could reduce its own margin or result in a loss of money or not being able to have a truck driver or freight company to accept the job. If the price is too high, the platform won’t stay competitive, noted the report.
The CEO said another value add of the platform is the fact that the entire process happens via an app, including payment and tracing a shipment.