Trucking payments platform AtoB announced Wednesday it has raised $155 million in a Series B round led by Elad Gil and General Catalyst.
The funding is a combination of equity to scale its services over the next year, along with debt and customer acquisition cost financing to provide working capital to small fleet businesses, the company said in a news release.
“AtoB is working to improve the lives of the operators and drivers who power the global economy,” Vignan Velivela, AtoB’s CEO and co-founder, said in a statement. “For too long they’ve been left behind without the basic financial services that most businesses take for granted. Our Series B will support new product development, working capital for small businesses and international expansion, so we can bring our services to more operators and drivers.”
San Francisco-based AtoB was founded in 2020 by Velivela, Harshita Arora and Tushar Misra. The company’s payments platform provides a suite of tools for the trucking industry, including no-fee fleet cards, instant direct-deposit payroll and access to bank accounts and savings tools.
AtoB’s fuel analytics system also flags fuel theft and opportunities to increase fuel efficiency, while also helping fleets reduce emissions and support transition to cleaner fuels and electric vehicles, the company said.
|Funding amount||$155 million|
|Funding round||Series B|
|Lead investors||Elad Gil and General Catalyst|
|Secondary investors||Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital|
|Goal for the round||New product development, working capital for small businesses, and international expansion,|
|Total funding||$230 million|
The Series B round brings AtoB’s total debt and equity raise to $230 million. Other participants in the latest fundraise include existing investors Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital. Prior rounds were led by General Catalyst and Roy Bahat of Bloomberg Beta.
“AtoB has grown their operations in a smart and intentional way, positioning them to support fleet businesses in the U.S. and beyond,” Ross Fubini, managing partner of XYZ Venture Capital, said in a statement.
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