Funding marks the first Opportunity Zone startup in transportation and trucking to raise capital in the region
OMAHA, Neb.–(BUSINESS WIRE)–driverDOC, a supply chain technology company, today announced it has closed a $400K seed round led by The Pearl Fund with additional co-investments from angel investors. The SaaS startup plans to use the funds to accelerate growth for its cloud-based platform, currently available on Android and iOS.
From the driver’s cab to the supply chain’s back office, the industry’s manual processes and paper documents waste time and money. driverDOC is addressing the inefficiencies of the logistics supply chain by creating a better driver experience and integrated data flow. Founded in 2019 by Josh Kolar, who brings over a decade of experience in the transportation and financial data management industries with past roles at companies including UPS, Union Pacific, Werner and KPMG—driverDOC believes drivers are the greatest—yet most underutilized— asset in simplifying the supply chain’s back office.
While the largest transportation companies have sophisticated, automated supply chain tracking which enables accurate data flow and efficient billings and collections, an estimated 97% of companies in the trucking industry have fleet sizes of 20 or fewer trucks—and these companies rely heavily on paper documents and manual processes which lead to delays in invoicing and distracting status calls to drivers over the road. Additionally, the manual collection of freight data results in delayed communication to the supply chain including time-sensitive shippers and receivers.
“We couldn’t be more pleased to have the confidence of our investors as we simplify the overall driver experience, automate data aggregation and provide shipment visibility throughout the supply chain,” said Kolar. “As our platform grows and evolves, we look forward to ensuring drivers’ health while in transit and reducing distractions in the cab, which ultimately protects the safety of American highways.”
driverDOC starts with the driver—the most knowledgeable participant in the supply chain—and focuses on automating manual processes that prohibit the flow of shipment data. Its platform arms drivers with a simple, low-touch application that reduces some of the most frustrating aspects of their jobs, including completing and delivering paperwork, unnecessary wait times, and potentially unsafe communication requirements while in transit. With a five-minute adoption, driverDOC provides real-time ETA, location visibility, digital documents and other critical data to the entire supply chain. American highways are safer when automated data replace phone, email and text communications to truck drivers.
Brian Phillips, managing partner of The Pearl Fund, the first Opportunity Zone venture capital fund in the U.S. and ranked one of the Top 10 Opportunity Zone Funds by Forbes, stated: “As the industry moves towards autonomous vehicles, it must first address that true autonomy will be achieved only if the data flow does not rely on paper documents and driver conversations. driverDOC is well-positioned to be a major player in the trucking and transportation ecosystem as it is facilitating a more efficient data flow that is accessible to the shipper, receiver and logistics provider.”
Through its partnership with Truckers Against Trafficking (TAT), a nonprofit organization working to combat sex trafficking through the trucking, bus and energy industries, driverDOC is joining in the effort to empower and equip the trucking industry to fight against human trafficking along our roadways. In addition, driverDOC’s app will soon include a way to help more trucking companies and their drivers become TAT certified. January is National Slavery and Human Trafficking Prevention Month and driverDOC is proud to support the work of TAT.
driverDoc is a supply chain, SaaS company focused on the driver experience. We simplify logistics in the hand of the driver. Visit https://www.driverdoc.io/ for more information.
About The Pearl Fund
Led by serial entrepreneur and global economic development expert Brian Phillips, who has been a founding member of over a dozen startups (two IPOs, two acquisitions and one sold via an MBO), The Pearl Fund focuses on high-potential businesses that can yield a 10X+ tax-free return along with positive social and economic impact in OZ communities. As a pioneer in OZ investing beyond real estate, The Pearl Fund has also developed a growing network of affiliated business-focused Pearl Funds, each with a particular geographic and industry lens. For more information, visit www.thepearl.fund.