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Freight marketplace and loadboard service operator Truckstop.com has sold a majority interest in the company to investment firm Iconiq Capital and plans to use the new resources to expand its portfolio of technology solutions, the company said.

Terms of the deal were not disclosed, but New Plymouth, Idaho-based Truckstop.com said its founder, Scott Moscrip, and its existing management team would maintain a “significant” ownership stake in the company.

As Truckstop.com’s majority
shareholder, San Francisco-based
Iconiq said it valued Truckstop.
com’s technology platform that
removes friction for parties within
the freight ecosystem and supports a network of transpor-
tation professionals across the country. “The $1 trillion
freight industry is primed for incredible growth and tech-
nology adoption in the coming years, as tech-enabled plat-
forms are increasingly essential for managing operations,
reducing costs, and improving efficiency,” Will Griffith,
partner at Iconiq Capital, said in a release.

Truckstop.com says its solutions include freight matching, partner vetting tools, credit and insurance insights, transactional cargo insurance, freight tracking and visibility, transportation management systems (TMS), integrations with industry software partners, and payment solutions.

In a blog post, Truckstop.com CEO Paris Cole said the investment would not change the firm’s strategy in providing those products for its users. “This investment allows us to focus on improving your experience and expanding our product portfolio for carriers and brokers alike,” Cole said in the blog. According to Cole, Iconiq will support Truckstop.com’s mission to simplify the freight lifecycle for carriers and brokers.

Truckstop.com lands investment from venture capital firm
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