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KeepTruckin's New HQ Expands Investment In Nashville

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KeepTruckin's New HQ Expands Investment In Nashville

KeepTruckin, a tech firm that offers fleet management solutions, based in San Francisco, has expanded operations in the Music City. Part of a $3.6 million investment the company will make locally over the next three years will lead to as many as 385 jobs, according to state and company officials. The jobs will range across sales representatives, managers, and operations personnel.

Just this past spring the company completed its Series C financing, bringing their total funding to $78 million. IVP led the round with participation from existing investors Scale Venture Partners, Index Ventures and Google Ventures. According to the WSJ, the company is valued at $500 million. They started their new arm in Nashville earlier in the year, and in that short time has grown its Nashville staff to 60 people. It started with just two.  

KeepTruckin employees were first based in WeWork offices, but have since moved into the L&C Tower on 4th Avenue North. The company also has employees in Buffalo, New York.

"In the past year we've experienced tremendous growth in our Nashville office and we're proud to deepen our commitment to the city by investing in hiring local talent," KeepTruckin CEO and Co-Founder Shoaib Makani said. "Nashville's rapid growth echoes our own, and we welcome the opportunity to diversify the job economy and shape the flourishing startup scene."

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The company is the latest among several San Francisco firms expanding to Nashville. Wonolo, a workforce firm, announced a second headquarters in Nashville in August, following Postmates, Houzz, Lyft, and Eventbrite. 

Launched in 2013, KeepTruckin's electronic logging and fleet management solution connects vehicles, drivers, and fleet managers on a single platform. The company provides a modern electronic logging device (ELD) and software that handles compliance, safety, GPS tracking, fuel tax reporting and much more.

"Tennessee's central location and business friendly environment has made the Volunteer State a hub for transportation and logistics companies," Gov. Bill Haslam said. "KeepTruckin is on the forefront of new technology that is transforming the transportation industry, and I'm pleased it has decided to invest and grow its business here in Tennessee. With investments by innovative tech companies like KeepTruckin, Tennessee will lead in the creation of high quality jobs."

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"KeepTruckin's decision to expand in Nashville speaks volumes about the attractiveness of our city and our business friendly environment," Nashville Mayor David Briley said. "This investment will boost our economy and more importantly provide our workers with new opportunities."

New research outlining key perspectives on the geographic makeup of America's "Heartland," a region generally defined as making up 19 centrally-located, non-coastal states, indicates that while job growth has been steady for the region, it lags behind the rest of the country. From 2001-2017 the Heartland added fewer than 1.3 million jobs, for an annual growth rate of 0.2 percent. That is compared to the rest of the country, which added 11 million jobs at a 0.8 percent annual growth rate. 

Among the Heartland standouts, Tennessee has posted especially strong job growth since 2010. The state has increased 2 percent in job growth, trailing only North Dakota in terms of percentage, but is also far more densely populated (at 6,716,000) than ND (at 755,000). Cost of living, and a centrally-located position are two net positives for Tennessee. Young firms especially in manufacturing, logistics, and above all, technology, have accelerated growth in the region.

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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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