LogRock, a new platform providing compliance solutions to trucking companies, today announced it has raised $3.5 million in seed funding led by Dynamo Ventures, a leading seed-stage supply chain fund, with additional participation from QED and 9Yards Capital.
LogRock is obsessed with compliance so that trucking companies don’t have to be. LogRock offers solutions that help motor carriers reduce regulatory and legal risk, while reducing the time out of service and keeping their insurance rates down. This is especially critical in today’s climate as the rise in “nuclear verdicts” in lawsuits has become an existential threat to trucking owners. Trucking companies can save money on their insurance by having a solid compliance solution. In a market where insurance rates for trucking companies have gone up by 47 percent in the last 10 years, securing competitively priced insurance puts real money back into the hands of the truckers and fleet owners who are vital to a smoothly functioning supply chain.
“The importance of the trucking industry to the broader economy has never been clearer, and yet every day small-to-mid sized fleets struggle under the administrative burden of staying compliant with State and Federal regulations,” Hunter YawLogRock CEO and co-founder. “LogRock’s mission is to have truckers’ backs as they keep America’s freight moving, while also making the roads safer.”
“As the freight markets are predicted to cool over the coming months, motor carriers will also need to maximize their competitive advantage when competing for premium freight from shippers and brokers,” João Bosco, co-founder and COO of LogRock. “Carriers who can prove they have a strong safety record and are fully compliant will have an edge in this battle.”
“LogRock treats compliance as a data problem, checking every detail in real time, giving us insight on where we need to take action to be 100 percent compliant and helping me understand how we are performing compared to our peers,” said Pavel BotevLogiflex owner, a ChicagoLogRock customer, 150-truck carrier, based in a southeastern city. “I sleep better knowing that, because of LogRock, when the FMCSA comes to inspect me or documents are subpoenaed there are no gaps in our armor.”
“Ensuring companies stay compliant certainly isn’t the sexiest venture, but in the trucking industry, it’s one of the most important aspects to get right,” Jon BradfordDynamo Ventures’ managing partner,. “At Dynamo, we get excited by visionary founders that understand the importance of bringing powerful technology solutions to overlooked opportunities like this, which is why we’re thrilled to back LogRock.”
Yaw was the Head of Product, while Bosco was the CTO at Loadsmart. LogRock was created by the Loadsmart engineers and product team after 4 years of scaling. Bosco was co-founder and CTO at Chaordic before Loadsmart. This company was sold to Linx last year. Yaw was the CPO of Rokt, an ecommerce startup that recently closed. $325m Series E.