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Now, Stedge is announcing, the company has raised $50 million in Series B funding co-led Groom and Altman (along with brothers Max and Jack). The company is also already lowering costs for the roughly 200 truckers already using its software, insists Stedge. Stedge notes that the company has “never done outbound sales” because all of its customers have found the company on their own, and she says that 90% have additionally referred friends. But that’s up 3.4 times over the last six months alone, says Stedge, and the company is still mostly operating in its first market Dallas, and more newly in Atlanta.More important to her, Stedge says: the company has been significantly improving its contribution margin, which is basically the portion of sales that helps to offset its fixed costs. TrueNorth says, too, that it increases drivers’ revenue by helping them find the highest-paying trucking jobs and making it simple to book them. The question now is whether TrueNorth, which already employs 50 people — half of them women, notably — can deliver on its promises. Still, one outstanding question is how effectively TrueNorth is able to reach its customers, given that it is targeting a very fragmented market.
Dallas