- Led by OGCI Climate Investments, the fund of the Oil and Gas Climate Initiative, this funding round brings Ontruck’s total capital to more than 53 million euros.
- Cathay Innovation, Atomico, Idinvest Partners and Total Carbon Neutrality Ventures, Ontruck’s historical investors, have also renewed their trust.
- Endeavor Catalyst also joined the round as a new investor.
Paris, June 11, 2020 – Ontruck, Europe’s leading digital road freight platform, has completed a €17 million funding round led by OGCI Climate Investments (OGCI). Ontruck’s existing investors, Cathay Innovation, Atomico, Idinvest Partners and Total Carbon Neutrality Ventures, also participated in this round, and welcomed Endeavor Catalyst as a new investor.
This investment will accelerate the development of Ontruck’s transportation network and technology. The start-up also intends to leverage the expertise and resources of OGCI members to achieve a common goal: the development, roll-out and global distribution of innovative low carbon footprint solutions in commercial transportation. OGCI members are drawn from the oil and gas industry and include BP, Chevron, CNPC, Eni, Equinor, Exxonmobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.
To date, Ontruck has reduced the percentage of kilometres travelled by empty vehicles from 44% – the industry average – to 19%. This performance, which has prevented 728,000 kg of CO2 emissions into the atmosphere, stregnthens the platform’s leadership as a provider of sustainable transport solutions.
“We are honored to welcome OGCI Climate Investments as a new investor,” said Iñigo Juantegui, CEO and co-founder of Ontruck. “OGCI CI shares our ambition to promote a progressive transformation of the €600 billion road transport industry in Europe, specifically through reductions in the millions of tons of carbon generated by trucks driving empty every year.”
Pratima Rangarajan, CEO of OGCI Climate Investments, added: “We are pleased to add Ontruck to our portfolio of low-carbon solutions. Ontruck’s technology demonstrates how increased efficiency can immediately and significantly reduce carbon dioxide emissions. We look forward to helping them grow faster.”
Since 2016, Ontruck’s first innovations on the market have transformed the logistics industry and established the most efficient and socially responsible platform for road transport.
Ontruck’s freight management technology has automated 90% of load allocations while offering high flexibility to shippers and 100% pickup rates even in emergency situations. To achieve this, the startup uses algorithms to predict peaks in shipping demand, optimize loads and thus carrier movements, and balance the market through dynamic pricing.
In four years, the company has established itself as a major European actor with operations in Spain, the United Kingdom, France and the Netherlands, and with further expansion projects underway. Its management team is made up of successful entrepreneurs, including founders who have guided their companies to successful exits, but also seasoned executives from major transport and logistics companies such as Uber, CH Robinson and XPO Logistics.
Ontruck has built trusted partnerships with some of the largest companies in Europe such as Auchan, Pepsico, P&G, Carrefour, CHEP and Decathlon.
OnTruck is building the best and most intelligent way for companies to transport road freight. For shippers, OnTruck offers guaranteed capacity through a network of verified drivers, real-time tracking of shipments, as well as industry-leading service with instant, transparent pricing. Carriers are able to view and accept the shipments they want through a mobile app, helping them keep their trucks full and earn more.
To date, OnTruck has completed more than 57,000 loads, shipping palletised goods for manufacturers, distributors, freight forwarders and logistic operators via a rapidly growing base of more than 2,200 drivers. Headquartered in Madrid and one office in London, OnTruck is backed by Atomico, Cathay Innovation, Idinvest, Point 9 Capital, Samaipata Ventures, All Iron Ventures, Total Energy Ventures and GP Bullhound. For the fundraising, OnTruck has seek advice from SRlegal.es.
For more information, please visit www.ontruck.com.
About OGCI Climate Investments
OGCI Climate Investments is a $1B+ fund that invests in solutions to decarbonize sectors like oil and gas, industrials and commercial transport. We look for outcomes that reduce methane and carbon dioxide emissions, and that can recycle or store carbon dioxide. Achieving significant impact requires global implementation and commercial frameworks; at OGCI Climate Investments, we collaborate with innovators, investors and governments to fund and implement impactful solutions.
To learn more about OGCI Climate Investments, please visit: www.oilandgasclimateinitiative.com/climate-investments
About Cathay Innovation:
Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital. It was founded around the shared conviction that supporting innovation entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to the sustainable transformation of the world through innovation and technology. Such transformation is accelerated by leveraging Cathay Capital extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beiging, Shanghai and Singapore.
To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.