ICONIQ Capital has made an investment in Truckstop.com, a freight marketplace. No financial terms were disclosed. As a result of the transaction, ICONIQ is now a majority shareholder in Truckstop.com. Scott Moscrip and the company’s existing management team will maintain “significant” ownership in Truckstop.com.
NEW PLYMOUTH, ID, April 3, 2019 — Truckstop.com, the industry leading freight marketplace and first online freight matching and load board solution, today announced a majority investment from ICONIQ Capital, a leading investment firm. As part of the transaction, ICONIQ Capital has become Truckstop.com’s majority shareholder. Truckstop.com founder, Scott Moscrip and its existing management team, will maintain a significant ownership in the company.
Founded in 1995, Truckstop.com built the internet’s first digital load board to address the challenges carriers faced finding loads to move. Today, Truckstop.com is one of the most recognized and trusted brands in the transportation technology industry and the largest SaaS freight matching marketplace in North America, connecting tens of thousands of carriers and brokers with technology solutions for the entire freight management lifecycle.
Truckstop.com will leverage ICONIQ Capital’s resources and expertise to expand the company’s portfolio of technology solutions, geared toward improving efficiencies for carriers and brokers. This investment follows several years of strong company growth during which Truckstop.com expanded its executive leadership team, added tens of thousands of customers, created hundreds of new jobs, invested heavily in product development and infrastructure build-out, completed multiple acquisitions while maintaining a strong culture, and formed extensive partner integrations.
“The $1 trillion freight industry is primed for incredible growth and technology adoption in the coming years, as tech-enabled platforms are increasingly essential for managing operations, reducing costs and improving efficiency,” said Will Griffith, Partner at ICONIQ Capital. “Truckstop.com is the premier and trusted partner in this space, with an advanced technology platform that removes friction for all parties within the freight ecosystem, and an established network of transportation professionals across the country.”
“What we found in ICONIQ is a partner with a deep passion for product excellence and innovation, as well as an exceptional cultural fit. They believe in our roadmap and join us in our mission to simplify the freight lifecycle for carriers and brokers. We are excited for our next chapter of growth and look forward to the guidance, support and knowledge ICONIQ, and their impressive network, brings to Truckstop.com,” said Paris Cole, CEO of Truckstop.com.
“We are thrilled to work with Paris and the entire Truckstop.com team to support the company’s growth and operational objectives, both organically and through acquisitions,” said Arvindh Kumar, General Partner at ICONIQ Capital. “We look forward to providing Truckstop.com with our deep technology experience and resources to help accelerate the company’s best-in-class innovation, time to value and customer experience.”
“Our journey with Truckstop.com is a case study in what we aspire to achieve with every investment,” said Phil Yates, Founding Partner of Bregal Sagemount. “We developed a true partnership and deep trust with the Truckstop.com executive team. Together we’ve made a positive difference in an industry that is rapidly transforming. We are extremely proud of the Truckstop.com team and excited for ICONIQ Capital, a world-class partner, to help take the company and its customers to the next level of market leadership.”
Today, Truckstop.com solutions include freight matching; marketplace rates; partner vetting tools; credit and insurance insights; transactional cargo insurance; freight tracking and visibility; transportation management systems (TMS); integrations with most major industry software partners; and complete payment solutions.
DC Advisory, led by Dave Dolan, advised Truckstop.com. Goodwin Procter LLP served as legal advisor to ICONIQ Capital.
Truckstop.com is the internet’s first and most trusted load board and the nation’s largest provider of spot market freight matching solutions. From load matching and freight planning, to real-time rate analysis, negotiation tools, and innovative payment solutions, Truckstop.com creates technology to help carriers and brokers run their businesses more effectively. Whether on the road or in the office, Truckstop.com offers products and solutions for the entire freight management lifecycle. Learn more about how Truckstop.com is shaping the future of transportation at www.truckstop.com.
About ICONIQ Capital
ICONIQ Capital is a privately-held financial advisory and investment firm, and the partner of choice for exceptional entrepreneurs, leaders and institutions around the world. The firm invests in best in class technology growth equity, middle market buyout and real estate companies and employs a distinctive ecosystem to build enduring businesses. ICONIQ is a trusted advisor fostering meaningful strategic relationships across industries to source powerful ideas, magnify global impact and support a new generation of entrepreneurs and companies.
About Bregal Sagemount
Bregal Sagemount is a growth-focused private capital firm with over $1.7 billion in committed capital. Founded in 2012, the firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests up to $150 million per transaction into both control and non-control positions and will make equity and/or debt investments. Targeted sectors include software, logistics technology, digital infrastructure, healthcare IT services, business and consumer services, and financial technology / specialty finance. For more information, please visit www.sagemount.com.