OnTruck has raised £7.7m for freight delivery
OnTruck
The OnTruck team
Spanish startup OnTruck has raised $10 million (£7.7 million) in a Series A round led by Atomico and Idinvest for a freight delivery platform.
OnTruck is an on-demand platform that pairs businesses with freight carriers to ship their goods. The idea is to undercut intermediaries which, according to Atomico partner Carolina Brochado, charge a hefty commission fee.
She said: “Road freight remains a massive market that is still largely undisrupted by technology, representing around 10% of European GDP.
“Today, intermediaries charge 15% commission to manually match supply and demand, relying heavily on email, phone calls and even fax.”
The company will hire more engineers and product staff and expand into Europe beyond Madrid and Barcelona. OnTruck was founded in 2016 by former PwC consultant Inigo Juantegui and shipping veteran Antonio Lu Lee.
Existing backers Point Nine Capital, La Famiglia, and Samaipata Ventures also participated in the funding round.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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