Trucking fintech startup AtoB raises $155 million in Series B round
Truck payment platform AtoB announced Wednesday that it has raised $155 million in a Series B round led by Elad Gil and General Catalyst.
The financing is a combination of equity to scale its services over the next year, along with debt financing and customer acquisition costs to provide working capital to small fleet businesses, the company said in a press release.
“AtoB works to improve the lives of the operators and drivers who drive the global economy,” Vignan Velivela, AtoB’s CEO and co-founder, said in a statement. “For too long they have been left without the basic financial services that most businesses take for granted. Our Series B will support new product development, small business working capital 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 payment platform provides a suite of tools for the trucking industry, including free fleet cards, instant direct deposit pay and access to bank accounts and savings tools.
AtoB’s fuel analysis system also flags fuel theft and opportunities to increase fuel efficiency, while helping fleets reduce emissions and supporting the transition to cleaner fuels and electric vehicles, the company said.
| FINANCING DETAILS | ATOB |
| Funding amount | 155 million dollars |
| Funding round | Series B |
| Leading investors | Elad Gil and General Catalyst |
| Secondary investors | Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital |
| Goals for the round | New product development, working capital for small businesses and international expansion, |
| Total funding | 230 million dollars |
The Series B round brings AtoB’s total debt and equity raising to $230 million. Other participants in the latest fundraising include existing investors Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital. Earlier rounds were led by General Catalyst and Roy Bahat of Bloomberg Beta.
“AtoB has smartly and deliberately grown their business, positioning them to support fleet businesses in the US and beyond,” Ross Fubini, managing partner at XYZ Venture Capital, said in a statement.
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