LogRock Raises $3.5 Million to Manage Compliance and Reduce Insurance Spending for Trucking Companies
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 provides solutions to help motor carriers minimize regulatory and legal risks, reducing time spent out of service and keeping 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. As well as reducing regulatory and litigious risk, having a rock-solid compliance solution helps trucking companies spend less on insurance. 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,” said Hunter Yaw, co-founder and CEO of LogRock. “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,” said 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 Botev, owner of Logiflex, a Chicago-based, 150-truck carrier and LogRock customer. “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,” said Jon Bradford, managing partner of Dynamo Ventures. “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 is the former Head of Product and Bosco is the former CTO of Loadsmart. After 4 years of scaling the Loadsmart product and engineering team, they launched LogRock late last year. Before Loadsmart, Bosco was the co-founder and CTO of Chaordic, which was sold to Linx in 2015. Yaw was previously the CPO at Rokt, the ecommerce tech venture which recently closed its $325m Series E.