Argentum Capital Partners has made an undisclosed investment in Truck Parking Club, an online marketplace for reservable truck and trailer parking and storage based in the US. Daniel Raynor, managing partner and co-founder of Argentum, will join Truck Parking Club's board as part of the deal.
Truck Parking Club has grown to more than 7,200 locations in three and a half years and has helped park hundreds of thousands of trucks and trailers. Drivers at 94 of the top 100 trucking companies have booked through the platform. The company will use the investment to expand teams that work with warehouses, trucking companies, self-storage operators and hotel owners to turn unused space into truck and trailer parking. It will also invest in its technology and work more directly with fleets.
Besides driver parking, the network helps fleets secure truck and trailer storage and drop yard space across multiple locations. Fleets can also list unused space in their own yards to generate revenue. Truck parking is one of trucking's most challenging and expensive problems, according to Raynor. The release cites Federal Highway Administration data showing that 98 percent of drivers report trouble finding safe parking.
New York-based Argentum backs capital-efficient B2B business services and tech-enabled companies, and has invested in more than 100 companies over its 30-plus-year history.
Source: PE Hub · Summarized by HeadlinesBriefing