Work Truck Solutions announced it has completed a Series B Preferred Stock financing round of $5 million.
Kathryn Schifferle, CEO and founder of Work Truck Solutions, stated that the company will use this new round of funding to accelerate expansion of the marketing and commercial inventory management services that the company provides to commercial truck dealers. In addition, she explained, they will continue to develop services for the body manufacturers and distributors that serve the industry.
This latest round of funding was led by Silicon Valley venture capital firm Autotech Ventures, which specializes in the ground transport sector. Belle Michigan, Wakestream Ventures, Moneta Ventures and Golden Seeds are among existing investors that participated in this round. Alexei Andreev, managing director at Autotech Ventures, will join Work Truck Solutions' board of directors.
Work Truck Solutions' service to dealers went live in January of 2013 as a way for dealers to display their commercial vehicles online, allowing truck buyers to search dealer inventory by the type of truck body they need for their business application. The company noted it believes that its initial service was the first of its kind, and over time the company has continuously expanded its offerings and capabilities.
With over 600 commercial dealers and numerous body manufacturers and distributors using the company's services, Work Truck Solutions said its growth has increased its ability to serve the work truck industry. "Each new dealer we add helps all other dealers we partner with nationally," explained VP of Sales Jim Perschke. "By constantly expanding our national network of vehicles we help dealers locate the right vehicle for their customers who are ready to purchase right now. Our goal is to improve the entire work truck build and sell process."