Outpost, a leading network of managed semi-truck parking facilities, announced today that it has raised $12.5 million in Series A funding, led by GreenPoint Partners with support from Speedwagon Capital Partners. This funding will accelerate the expansion of its managed properties and technology platform.
Launched in 2021 as Semi-Stow, the company also unveiled its new Outpost brand, highlighting its growing network of strategic locations for trucking companies to store their assets and expand their geographic footprint securely.
This funding round comes as the country’s 3.5 million truck drivers contend with acute parking shortages. And according to the American Trucking Associations (ATA), there is currently only one parking space for every 11 trucks on the road. Drivers spend nearly one hour daily to find parking, causing a 12% annual pay cut in addition to wasted fuel’s economic and environmental impacts. This also forces drivers to park in unsafe/unauthorized locations or violate federal hours of service regulations that require rest breaks at specific times.
Based in Austin with an engineering hub in Seattle, Outpost aims to solve these problems by rapidly expanding its network of 18 properties and 8,000 parking spaces. Last year, the company opened 10 new fleet yards and is projecting to more than double the number of properties under management in 2024.
This growth will be fueled by Outpost’s direct acquisition of real estate and through the company’s management of a $500 million industrial outdoor storage investment portfolio launched by GreenPoint last year. Along with its managed facilities, Outpost operates a brokerage arm helping trucking companies find secure parking anywhere in the US. This brokerage business currently includes 20 additional yards managed by Outpost partners.
Outpost is developing a consistent and modern customer experience across its locations in a traditionally non-digital industry. Along with introducing standards for access control and safety, the company is deploying a technology platform that enables trucking companies to book and manage reservations online, manage driver access to each facility, monitor equipment through real-time and on-demand video feeds, get detailed usage reports, and improve efficiencies of their parking and storage spend. Outpost’s platform and asset management service streamline operations for parking lot owners, resulting in higher occupancy and returns without the need to source new business.
Outpost serves many fleets, including Landstar, Werner, Prime Inc., FirstFleet, PAM Transport, Dot Transportation, Western Flyer Xpress, Riverside Transport and over 1,500 midsized fleets and small trucking companies. And the company also increasingly works with other segments that have commercial vehicle storage needs. This includes semi-truck and trailer manufacturers, leasing companies and dealerships, moving companies, bus companies, public transport entities, heavy equipment manufacturers, and utility providers.
KEY QUOTES:
“Truck parking is essential infrastructure for our supply chain and the US economy—no different from roads and bridges. This infrastructure will evolve beyond parking in the years ahead to include maintenance, electric vehicle charging, autonomous vehicle landing, office space, and other essential services. The first step toward that future is building a nationwide network of outposts for truck parking, fleet positioning, and drop trailer relays, and today’s funding will help us accelerate these efforts.”
– Trent Cameron, Outpost co-founder and CEO
“Real estate has traditionally been an operational constraint and capital liability for trucking companies—Outpost is turning it into a competitive advantage and a degree of freedom. In the last year, the company has built a top-notch bench of talent and demonstrated its ability to profitably scale while addressing an urgent issue that directly impacts our economy and the safety of every driver on the road. We see tremendous opportunity for Outpost in the years ahead and are excited to extend our investment and partnership.”
– Chris Green, founder and CEO of GreenPoint
