KeepTruckin Reaches $1.4B Valuation After $149M Fundraise In Latest Sign Of Cash Pouring Into Trucking Industry

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KeepTruckin reaches a $1.4 billion valuation after a $149 million fundraise in the latest sign of cash pouring into the trucking industry

Trucking is a giant industry – with more than $700 billion a year in freight revenue, according to the American Trucking Associations – yet until recently much of the required paperwork was done on paper. Congress enacted new regulations in 2012 that required truckers to use an electronic logging device to stay compliant with rules about the hours they drive.

Since then, more than 1 million drivers have signed up for KeepTruckin's electronic-logging app, and around 55,000 trucking companies have installed its devices. Revenues surpassed $60 million in 2018, and are expected to more than triple in 2019. That, in turn, can save truckers substantially on their insurance premiums, which cost an average of $9,251 per vehicle per year, according to the American Transportation Research Institute. Truckers who install KeepTruckin's dashcams can save up to 40% on their insurance premiums, Makani said, a savings that could amount to nearly $40,000 a year for a fleet of 10 trucks.

 

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