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Trucker Path

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Trucker Path
Company typeNYSE: MTBL
IndustryTransportation Technology
FoundersViktor Radchenko, Ivan Tsybaev
HeadquartersPhoenix, Arizona
Key people
Joseph Chen (CEO)
Servicesroad transport, logistics
Websitetruckerpath.com

Trucker Path is an American transportation network company specializing in online and mobile services for the trucking industry. In early 2013, the company released its trip planning and resource locating mobile app Trucker Path.[1][2] In mid-2015, it was followed by TruckLoads, a marketplace available on the web and mobile devices specializing in connecting freight companies with carriers.[3] By March 2015 the Trucker Path app had 100,000 users.[1] One year later, Trucker Path reached one million downloads on iOS and Android combined.[4] By June 2016, the number of active monthly users surpassed 450,000, which represented 30% of all Class 8 truckers in the U.S.[5] TruckLoads became the most installed freight-matching mobile app with over 250,000 installs by the end of 2016. In February 2017, Trucker Path reached over 1.5 million total installs and is the first in the trucking industry to have over one million installs on the Google Play Store. In December 2017, Renren announced that it acquired Trucker Path.

History

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The early version of the application for truck drivers was developed by Viktor Radchenko who was inspired to create it after hearing his trucker friends complain about the difficulties they had finding truck stops. Trucker Path was the fourth application Radchenko had developed since moving to Silicon Valley from his native Ukraine in 2010. Before creating Trucker Path, he did not have any direct involvement in the freight industry.[6][7]

The early beta version of the app was launched in February 2013, and by August had reached 50,000 active weekly users.[8] In October 2013 Radchenko began working together with Ivan Tsybaev to found the company officially, with Tsybaev acting as the organization's first CEO and Radchenko as the chief technology officer. Tsybaev envisioned the company becoming a freight transportation marketplace. To build up a user base, he decided to focus on positioning Trucker Path as a crowdsourced navigational assistant that would make it easy for truckers to plan their trips by helping them find truck stops, parking, rest areas, washers and other POI. Initially, the application focused on providing trucking information primarily for the United States of America but has since added locations across Canada.[9][10][11]

At the 2013 LA Auto Show, Trucker Path was named one of the eight finalists for Fastpitch, a competition for automobile-related startups. In February 2014, Radchenko left his job as chief technology officer at Trucker Path.[12]

In September 2014, the company raised US$1.5 million in seed funding from Renrenren, a China-based social media company founded by an American citizen and MIT/Stanford graduate Joseph Chen. Renren prefers to invest in the U.S. based companies that have the potential to expand into China.[13] Their other investments include SoFi, a digital finance and p2p lending company, and a Swiss-Israeli secure mobile phone company Sirin Labs.

In June 2015, Trucker Path raised $20 million in a Series A round from Chicago-based Wicklow Capital.[14][15] The round involved a follow-on partner, Chinese social media giant Renren.[16]

In July 2015, Trucker Path released Truckloads, a B2B marketplace specializing in connecting transportation brokers to carriers.[17][18][19] Initially, the application was available only by invite.[3] Between July 2015 and February 2016, Truckloads was available as a public beta.[20]

By February 2017, the app read surpassed 250,000 downloads on Google Play and the App Store. The app features InstaPay, a payment system which guarantees payment to approved truckers within 24 hours.[21]

Trucker Path funding also included $30 million in debt financing which it secured through Flexible Funding which the company says it's using to fund its freight factoring service InstaPay for owner operators and small fleets.[22]

According to CEO Ivan Tsybaev, the popularity of Trucker Path and other trucking applications correlates with the smartphone adoption rate in the industry. He believes that the primary effect of these apps will be replacing dispatchers for owner-operator drivers.

In December 2017, Renren announced that it acquired Trucker Path for undisclosed amount.

In March 2018 Trucker Path's freight factoring service InstaPay was fully acquired by Flexible Funding Ltd for undisclosed amount.[23]

Trucker Path application

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The main Trucker Path app for iOS and Android provides truck drivers with various information, e.g. parking availability, locations of truck stops, verified Walmart locations with truck parking, check a weigh station's status, and find truck wash facilities.

In March 2016 Trucker Path received an update that added Fuel View, a feature that allows drivers to see and compare fuel prices on the map.[24][25][26]

Of the 6,000+ truck stops listed in the Trucker Path database, 3,277 are independently run. The data on those stops was gathered based on user-generated input and ratings. Collected from over 500,000 active users, that information allows truckers to plan their parking in advance and spend less time searching for available spots, which is an increasingly important safety issue facing the industry, according to a study by the Federal Highway Administration.[27][10]

In February 2017, Trucker Path reached over one million downloads on the Google Play Store and 1.5 million total downloads.[28] It is also the highest-rated app in the trucking industry receiving an overall 4.7-star rating (out of 5) on Android based on the input from more than 34,000 users.[29][30]

TruckLoads application

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Launched in July 2015, TruckLoads enables its users to quickly tap into available trucking capacity across all North American markets. The platform includes a mobile app for truckers that helps them find available loads and a web-based panel for freight brokers which they use to see nearby trucking capacity and post loads for moving.[31]

After a period of beta testing, TruckLoads has downloaded more than 250,000 times and has shown an average 20% monthly growth. More than 2 million loads are posted on the platform every month, also allowing carriers access to unlimited premium loads. TruckLoads offers freight companies the opportunity to post their loads for over 80,000 qualified carriers to view. more than 250,000 owner-operators who have installed and use the app.[28]

References

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  1. ^ a b "Trucker Path Raises $1.5M From Renren To Help Truckers Truck Better". Social.techcrunch.com. 5 March 2015. Retrieved 2 April 2019.
  2. ^ "The appy trucker". Economist.com. 3 March 2016. Retrieved 2 April 2019 – via The Economist.
  3. ^ a b "Trucker Path launches public beta version of freight marketplace". Overdriveonline.com. 2 July 2015. Retrieved 2 April 2019.
  4. ^ "Trucker Path Reaches 1 Million Downloads Milestone". Overdriveonline.com. 9 March 2016. Retrieved 2 April 2019.
  5. ^ "Trucking? There's finally an app for that". Fortune.com. Retrieved 2 April 2019.
  6. ^ "Freight Assistance App Trucker Path Raises $1.5M in Series A". Bizjournals.com. Retrieved 2 April 2019.
  7. ^ "2016: The year the freight industry goes online". Venturebeat.com. 26 December 2015. Retrieved 2 April 2019.
  8. ^ "Meet 5 Bay Area Startups Funded as Early Stage Heated Up in June". Bizjournals.com. Retrieved 2 April 2019.
  9. ^ Cave, Andrew. "What Will Come First: The Sharing Or Circular Economy?". Forbes.com. Retrieved 2 April 2019.
  10. ^ a b "Trucker Path app offers new parking feature". Fleetowner.com. 22 May 2015. Retrieved 2 April 2019.
  11. ^ "Truckers, these two companies are revving up efforts to disrupt your industry". Venturebeat.com. 8 June 2015. Retrieved 2 April 2019.
  12. ^ Whelan, Robbie (8 May 2015). "Mobile Apps Get Picked Up by Independent Truckers for Better Routes". Wsj.com. Retrieved 2 April 2019.
  13. ^ "Trucker Path raises a $1.5M seed funding round". Vator.tv. 6 March 2015. Retrieved 2 April 2019.
  14. ^ "Trucker Path Raises $20M To Claim The Uber For Truckers Moniker". Social.techcrunch.com. 30 June 2015. Retrieved 2 April 2019.
  15. ^ Gage, Deborah (1 July 2015). "Trucker Path Picks Up $20M for Trucking Marketplace". Wsj.com. Retrieved 2 April 2019.
  16. ^ "Trucker Path News". Blogs.wsj.com. Retrieved 2 April 2019.
  17. ^ [1] [dead link‍]
  18. ^ "Trucker Path launches Truckloads app for iOS, adds Android functions". Fleetowner.com. 23 November 2015. Retrieved 2 April 2019.
  19. ^ Watson, Rip (30 October 2015). "Firms Try to Mimic Uber for Freight Shipments; Analysts See Both Opportunities and Pitfalls". Ttnews.com. Retrieved 2 April 2019.
  20. ^ "Trucker Path Announces Wider Availability for its New Truckloads App | Layover.com". www.layover.com. Archived from the original on 4 March 2016. Retrieved 17 January 2022.
  21. ^ "Trucker Path's Truckloads freight marketplace now publicly available". Ccjdigital.com. April 2016. Retrieved 2 April 2019.
  22. ^ "Trucker Path just lined up $30 million in debt to lend to the truckers on its platform". Social.techcrunch.com. 14 June 2017. Retrieved 2 April 2019.
  23. ^ "About Us | InstaPay". www.getinstapay.com. Retrieved 2020-04-06.
  24. ^ [2] [dead link‍]
  25. ^ May 18; Path, 2015 • Trucker. "Trucker Path Now Tracks Parking Availability". Truckinginfo.com. Retrieved 2 April 2019.{{cite web}}: CS1 maint: numeric names: authors list (link)
  26. ^ Gillespie, Patrick (9 October 2015). "Truck drivers wanted. Pay: $73,000". CNNMoney. Retrieved 2 April 2019.
  27. ^ "Trucker Path App Helps Drivers Find Parking Spots Nationwide | Trucking News Online". www.truckingnewsonline.com. Archived from the original on 24 December 2015. Retrieved 17 January 2022.
  28. ^ a b "Trucker Path app surpasses 1.5 million installs". Fleetowner.com. 24 February 2017. Retrieved 2 April 2019.
  29. ^ Ward, Marguerite (3 August 2015). "How apps are transforming US trucking". Cnbc.com. Retrieved 2 April 2019.
  30. ^ Morris, Betsy (21 August 2015). "Study Finds Shortage of Truck Parking a 'Safety Concern'". Wsj.com. Retrieved 2 April 2019.
  31. ^ "Trucker Path Launches Truckloads App for iOS, Increases User Capabilities". Truckinginfo.com. Retrieved 2 April 2019.
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