Fluid Truck has constructed an app-based platform that goals to remove the ache and value of proudly owning or leasing industrial autos, all whereas grabbing market share from established corporations like Penske, Ryder and U-Haul.
Now, it has the capital to assist it get there. The Denver-based firm stated Tuesday it raised $63 million in a Collection A funding spherical to broaden its truck-sharing platform, which helps mid-mile and last-mile supply corporations remotely handle an on-demand rental fleet through internet or cell app. Non-public fairness agency Bison Capital led the spherical, with participation from Ingka Investments (a part of Ingka Group, the principle Ikea retailer), Sumitomo Company of Americas and Fluid Car Homeowners.
The funding, its first exterior spherical, comes after fast development on the four-year-old firm. Founder and CEO James Eberhard advised TechCrunch that income elevated 100x within the final two years. That sort of development sounds promising, however the firm didn’t present a baseline, so it’s laborious to guage scale.
With e-commerce anticipated to proceed to rise at a worldwide 9.5% compound annual development charge from 2020 to 2025, the demand for accessible vans for rent would possibly see correlative development. It’s no shock that e-commerce is among the industries Fluid Truck has focused.
Fluid Truck, which operates in 25 U.S. markets, operates just like the car-sharing firm Zipcar, with a industrial bent. Businesses comparable to shifting and e-commerce supply corporations can use the platform to lease vans. Fluid Truck’s pitch to companies extends past the “you don’t want to purchase or lease” argument. The platform additionally permits supply corporations to dispense with having a supervisor on workers who would handle, keep and finally promote the fleet.
Companies desirous to outsource the buying and managing of their vans can discover fleets for rent in industrial parks and retail areas inside Fluid’s service community.
“You possibly can hop on our platform, lease a truck and be in it in a matter of minutes, which actually permits companies to scale up and scale down,” stated Eberhard. “We’re watching our consumer habits go from a spot the place they used to personal each car they wanted at a time to a spot the place they’re now grabbing spare capability off Fluid.”
Eberhard hopes to see that sort of supplementary use morph into an finish state the place corporations don’t personal a single truck and run solely on Fluid Truck’s platform.
Fluid Truck argues that its tech stack, which is designed to clean out the reserving and renting course of, provides it a aggressive edge in a market dominated by the likes of U-Haul, Ryder and or different small depots. Eberhard stated the method of going to a depot and ready in line is gradual and sloppy, whereas Fluid Truck’s app makes renting a van as simple as calling an Uber.
“We take all these complexities away and permit individuals to have a digital fleet,” Eberhard advised TechCrunch.
Fluid Truck’s fleet is made up of 1000’s — and shortly to be tens of 1000’s — of cargo vans, pickup vans, giant field vans and varied different autos. The corporate additionally claims to have the biggest medium-duty EV rental fleet in america, which it continues to broaden as it really works with OEMs to extend fleet capability. Electrical autos nonetheless make up lower than 1% of its whole portfolio due to the slower adoption of EVs on the industrial aspect.
Eberhard desires Fluid to be a dominant drive within the trucking trade. However Fluid Truck will not be the one truck sharing app on the streets. Opponents GoShare and Bungii have comparable choices.
This sizable spherical may present a bonus because it tries to turn out to be the family title in digital truck sharing. Maybe, as importantly, the corporate has the eye and funding of Ikea.
“That is one other step in enabling Ikea retail to offer final mile supply providers to our clients, proceed to enhance on our buyer promise, whereas additionally lowering our environmental footprint,” Krister Mattsson, managing director of Ingka Investments stated in a press release, a remark that means a future partnership with Fluid Truck.
With this newest capital spherical, Fluid’s purpose is to (you guessed it) scale outwards, with a deal with increasing the crew, including dozens extra markets within the U.S. and getting ready to take Fluid into the EU and Canada.
Fluid Truck may also be investing again into its personal tech stack, which incorporates an inside proprietary telematics platform to foretell and automate servicing and upkeep of the corporate’s fleet.