Truckstop.com, which was a pioneer in the online freight-matching world, has a new majority shareholder, resulting in an infusion of investor capital that will allow it to expand its offerings.
Iconiq Capital has become Truckstop.com’s majority shareholder. Truckstop.com founder Scott Moscrip and the existing management team will maintain a significant ownership in the company, according to the announcement.
Founded in 1995, Truckstop.com built the internet’s first digital load board. Today it connects tens of thousands of carriers and brokers with technology solutions for the entire freight management lifecycle.
Truckstop.com will use Iconiq Capital’s resources and expertise to expand the company’s portfolio of technology solutions, geared toward improving efficiencies for carriers and brokers.
This investment follows several years of strong company growth during which Truckstop.com expanded its executive leadership team, added tens of thousands of customers, created hundreds of new jobs, invested heavily in product development and infrastructure build-out, completed multiple acquisitions and formed extensive partner integrations.
Company officials said in an email that the investment will allow Truckstop.com to better serve its carrier and broker customers by significantly increasing the number of development professionals employed by the company and thereby increase the quality and quantity of products offered.
“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,” said Will Griffith, partner at Iconiq Capital, in a press release.
Paris Cole, CEO of Truckstop.com, said in Iconiq it found “a partner with a deep passion for product excellence and innovation, as well as an exceptional cultural fit.”
Today, Truckstop.com 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 most major industry software partners; and complete payment solutions.