LogRock, a compliance solution for the trucking sector, has closed a seed funding round on $3.5m.
The round was led by Dynamo Ventures, with contributions also coming from QED and 9Yards Capital.
LogRock suppliers motor carriers with the solutions to minimise regulatory and legal risks, reducing time spent out of service and lowering insurance rates. It claims this is particularly needed in the current market with the rise of “nuclear verdicts” in lawsuits.
LogRock co-founder and CEO Hunter Yaw said, “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.
“LogRock’s mission is to have truckers’ backs as they keep America’s freight moving, while also making the roads safer.”
Earlier in the year, 9Yards Captial joined the $110m Series D funding round on capital markets FinTech company Capitolis. The funding round put its valuation at $1.6bn.
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