OGCI, Cathay, Atomico in €17m round for OnTruck

Alessia Argentieri
12 June 2020

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OGCI Climate Investments, Cathay Innovation and Atomico have invested in a €17m series-B funding round for Madrid-based freight delivery platform OnTruck.

The round was led by OGCI with participation also from Total Carbon Neutrality Ventures and new backer Endeavor Catalyst.

OGCI is a $1bn fund managed by the Oil and Gas Climate Initiative, a CEO-led consortium of the world's largest oil and gas companies that claims to work on accelerating the industry response to climate change.

OnTruck intends to use the fresh capital to boost the development of its transport network and technology, and consolidate its market position in Spain and the UK, while bolstering its expansion in the rest of Europe. In partnership woth OGCI, OnTruck also plans to work on implementing and scaling low-carbon strategies in commercial transportation.

Previous funding
OnTruck was backed in October 2016 by Samaipata Ventures, Point Nine Capital and Local Globe, which collectively invested €2m in the business.

Subsequently, Atomico and Idinvest led a $10m series-A round for the company in May 2017, with participation from existing backers Point Nine Capital and Samaipata.

Cathay Innovation led a €25m series-B funding round for OnTruck in May 2018. Atomico, Idinvest Partners, All Iron Ventures, Total Energy Ventures, Point Nine and Samaipata and GP Bullhound also took part in the investment.

Company
Founded in June 2016, OnTruck is an online marketplace that connects SMEs with freight companies offering delivery and transport services, a network of drivers and real-time tracking of shipments.

The company's clients include large multinationals such as Procter & Gamble and Decathlon, as well as 400 medium-sized companies based in Spain and the UK. OnTruck is headquartered in Madrid, with offices in London and Paris.

People
Cathay Innovation – Jacky Abitbol (partner).
OnTruck – Iñigo Juantegui (CEO).