Ontruck has raised €17m to accelerate the development of its technology, which aims to make the road freight experience more efficient.
Today (11 June), digital road freight platform Ontruck announced that it has raised €17m in its latest investment round, which was led by OGCI Climate Investments.
Other backers in the round included existing investors Cathay Innovation, Atomico, Idinvest Partners and Total Carbon Neutrality Ventures. Endeavor Catalyst joined as a new investor.
Ontruck said that the new funding will help accelerate the development of its transport network and technology. The Spanish start-up will also seek to leverage the expertise of OGCI’s members for developing, implementing and scaling innovative low-carbon solutions in commercial transportation.
OGCI’s industry members include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.
Ontruck was founded with the goal of developing technologies that make the road freight experience more efficient for both truckers and companies that send shipments. It has developed a solution that aims to reduce the amount of empty kilometres travelled by goods vehicles to optimise their use and utilisation.
Its platform allows shippers to quickly upload jobs and enables hauliers to select which shipments they want to transport from an app.
The start-up said that to date, its platform has cut the percentage of kilometres driven by vehicles running without cargo from the industry average of 44pc to 19pc, preventing 728,000kg of CO2 emissions from entering the atmosphere.
Since Ontruck was founded in 2016, it has opened offices in Spain, the UK, France and the Netherlands. The company plans further expansion in the future.
It currently has partnerships with Auchan, PepsiCo, P&G, Codorníu, GBFoods, CHEP and Decathlon.
Iñigo Juantegui, CEO and co-founder of Ontruck, commented on the latest investment: “OGCI [Climate Investments] shares our vision to drive a step-change in efficiency across the €600bn trucking industry in Europe, and reduce millions of tons of carbon emissions generated by trucks driving empty each year.”
He said this funding will accelerate the company’s ability to build a new future for logistics in Europe that is “efficient, transparent and sustainable”.
Pratima Rangarajan, CEO of OGCI Climate Investments, added that the firm is “pleased” to add Ontruck to its portfolio of low-carbon solutions.
“Ontruck’s technology demonstrates that increased efficiency can have an immediate and substantial impact on reducing carbon dioxide emissions,” she said. “We look forward to helping them achieve greater scale faster.”