AUSTIN, Texas & SEATTLE--(BUSINESS WIRE)--Outpost (www.outpost.us), a leading network of managed semi-truck parking facilities, today announced that it has raised $12.5 million in Series A funding, led by GreenPoint Partners with support from Speedwagon Capital Partners, to accelerate expansion of its managed properties and technology platform. Founded in 2021 as Semi-Stow, the company also unveiled its new Outpost brand today, reflecting its growing network of strategic locations for trucking companies to securely store their assets and expand their geographic footprint.Outpost’s funding comes as the nation’s 3.5 million truck drivers contend with acute parking shortages. According to the American Trucking Associations (ATA), there is currently only one parking space for every 11 trucks on the road.1 Drivers spend nearly an hour every day to find parking, amounting to a 12% annual pay cut in addition to the economic and environmental impacts of wasted fuel.2 This forces drivers to park in unsafe and unauthorized locations or violate federal hours of service regulations that require rest breaks at specific times.
Headquartered in Austin with an engineering hub in Seattle, Outpost is working to solve these problems by rapidly expanding its network of 18 properties and 8,000 parking spaces. In 2023, the company opened 10 new fleet yards and is projecting to more than double the number of properties under management in 2024...
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- - Volume: 24 - WEEK: 18 Date: 4/30/2024 2:14:56 PM -