Truckstop.com receives strategic investment from ICONIQ Capital

Truckstop.com, a New Plymouth, Idaho-based load board and provider of spot market freight matching services, announced today it has received a majority investment from investment firm ICONIQ, with the ICONIQ now becoming the company’s single largest shareholder.

Company officials said that Scott Moscrip, Truckstop.com founder and the existing management team, will continue to maintain a significant ownership in Truckstop.com and that Paris Cole will maintain his position as CEO.

Truckstop.com was funded through private investment until 2016 when it received an equity investment from Bregal Sagemount. The amount of the investment was not publicly disclosed.

A Truckstop.com spokesman told LM that this investment will allow Truckstop.com to better serve its customers by significantly increasing the number of development professionals employed by the company and thereby increase the quality and quantity of products offered.

“Our products will still focus on helping carriers and brokers simplify and grow their businesses,” he said. “The resources from this investment will help us improve the customer experience in all Truckstop.com products. Customer experience and product performance are top priorities. The biggest benefit will be the ability to focus on developing new products and enhancing existing products and getting them to market more quickly.”

As for the next steps for Truckstop.com resultant of this investment by ICONIQ, the spokesman explained that in 2019 alone, the company is anticipating adding more than 130 new jobs, primarily in its offices in Illinois and Idaho.

“These will include jobs in the area of product and software development, IT and sales,” he said. “The company is forecasting continued growth in headcount in future years as well. The company will stay headquartered in New Plymouth. We don’t have a set exit strategy, instead, we believe in keeping all our options open. The best way that we can maintain that flexibility is to continue serving our customers and growing the business.”

Will Griffith, Partner at ICONIQ Capital, said in a statement that 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.

“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,” said Griffith.

And Truckstop.com CEO Cole noted that what it 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,” Cole said in a statement. “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.”