Ontruck lands €17 million for digital freight platform
Logistics technology startup Ontruck has raised €17 million in a round led by the Oil and Gas Climate Initiative.
Existing backers, Cathay Innovation, Atomico, Idinvest Partners and Total Carbon Neutrality Ventures, participated in the round, with Endeavor Catalyst joining as a new investor.
The Spanish venture’s platform allows clients to manage freight deliveries by matching loads to vehicles, using artificial intelligence tech to optimise journeys, cutting down on wasted miles and empty space in trucks.
Ontruck has built partnerships with the likes of Auchan, Pepsico, P&G, Codorniu, GBFoods, CHEP and Decathlon. It will use the funding to boost its transport network and technology.
It will also seek to tap into OGCI’s members’ expertise and resources to develop, implement and scale low-carbon solutions in commercial transportation. These members include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.
Pratima Rangarajan, CEO at OGCI Climate Investments, says: "We are pleased to add Ontruck to our portfolio of low-carbon solutions. Its technology demonstrates that increased efficiency can have an immediate and substantial impact on reducing carbon dioxide emissions. We look forward to helping them achieve greater scale faster.”