Investee Company – Truck24 (Germany)
Investee Company Business – Develops, markets e-logistics platform for trucking companies
Type of Financing – Expansion
Equity Providers -Wellington Partners
Equity Leader (Individual) – Jorg Uberla
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) -N/A
Equity Amount – €2.5 million
Total Deal Value – €2.5 million
Other Advisors – Linklaters Oppenhoff Rädler (legal), GlobalStartup (financial)
Comments – München-Oberhaching-based Truck24, an e-logistics platform for trucking companies, has raised €2.5 million in expansion funding.
The deal was financed by Wellington Partners, a venture capital company specialising in young and creative information and communication technology (ICT) and life science companies. Truck24, which has so far focused its marketing operations on Germany, Austria and the Czech Republic, plans to use the capital to extend its services and expand to Poland and the Netherlands.
Based in Munich, Wellington Partners has funds totalling €260 million, of which more than €100 million is available for new investments or for follow-on financing for existing investments.
Founded in 1999, Truck24 provides an easy-to-use high-performance system for transport companies. The TruckPad and the Internet FleetExplorer are fee-based with a 24-month contract, and uses text messages as an economical alternative to telephone calls.
Jörg Überla, partner at Wellington Partners, said: “Vehicle pool management is one of the top applications for mobile integrated communication and Truck24 has a significant technological lead in this market.”