Truck Parking Club has secured a growth investment from Argentum Capital Partners to accelerate expansion of its network of more than 7,200 truck parking locations and further develop technology for fleets and drivers. The investment also adds Argentum Managing Partner and co-founder Daniel Raynor to the company’s board.
Truck Parking Club operates a marketplace for reservable truck and trailer parking and storage. The company connects drivers and fleets with available space at locations including industrial properties, warehouses, self-storage facilities, trucking companies, hotels, truck stops, and other sites.
The company said drivers continue to face a significant shortage of legal and safe truck parking. Citing federal research, the release said 98% of drivers report difficulty finding safe parking and spend an average of 56 minutes per day searching for a space, resulting in lost driving time and additional operating costs.
Truck Parking Club said drivers at 94 of the top 100 trucking companies have booked through its platform. The company is increasingly focusing on fleet customers that want to integrate parking, storage, and drop-yard capacity into daily operations rather than leaving individual drivers to find locations independently.
The investment will support dedicated teams working with warehouses, trucking companies, self-storage operators, hotel owners, and other property owners to identify unused land that can be converted into truck and trailer parking. Truck Parking Club also plans to expand its technology platform and work more directly with fleets to match its network with their operating needs.
Argentum focuses on growth equity investments in founder-led B2B businesses and technology-enabled companies.
KEY QUOTES:
“Too often, drivers are left to solve parking on their own, giving up drive time or stopping somewhere they shouldn’t. Parking is fleet infrastructure, and it should be planned like it. We give fleets a way to do that across their operations, so every driver has a safe, legal place to stop. With Argentum’s investment, we’ll add more locations and bring the network to more fleets.”
Evan Shelley, Co-Founder And CEO Of Truck Parking Club
“Truck parking is one of trucking’s most challenging and expensive problems, and Truck Parking Club solves it by operating the ideal marketplace that unlocks additional supply of previously underutilized industrial properties and makes them available to the entire universe of truck drivers through a frictionless booking experience. Individual drivers have embraced it, and now fleets are building it into their core business processes. We are excited to back Evan and his outstanding team to support Truck Parking Club’s rapid growth. Argentum’s investment continues our focus on making investments in mission critical solutions serving essential industries and leverages our significant experience in transportation and logistics.”
Daniel Raynor, Managing Partner And Co-Founder Of Argentum Capital Partners
