Enterprise software for earth moving logistics industry

Industry

Construction

Company Type

Technology

Location

United States

Size

$4,000,000

Investment Type

Equity

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Helping Great Companies Grow

Overview

  • Manages the logistics of and payment for moving earth, sand, gravel and other heavy construction materials
  • Founded in October 2015; went live in March 2017
  • Seeking $4 million in equity to support continued product development, staffing, sales and marketing
  • Approximately $1 million invested from management and angels
  • Existing manual system is based on paper tickets, which note the size and type of load, destination and time of pickup and drop-off, and serve as payment vouchers for drivers
  • TruckPay automates the entire process through its cloud-based platform, enabling construction companies, dirt subcontractors and material suppliers to work directly with independent earth-moving owner/operators and subcontractors
  • Companies can post jobs on TruckPay, eliminating excessive middlemen broker costs
  • CEO Barry Honig has years of relevant experience both as a former owner of an earth-moving logistics business and technology manager
Helping Great Companies Grow

Opportunity

  • Most major construction projects (roads, office buildings, etc.) require significant amounts of earth-moving both to and from the site by independent truckers
  • Earth moving is a multi $-billion industry
  • Current industry paper-based system is inefficient, and tickets are subject to manipulation
    • independent truckers are scheduled typically by brokers to move the loads
    • paper tickets are issued onsite to drivers – validating time, size, content and destination
    • drivers submit tickets to the construction company for payment
    • subject to fraud, lost tickets and lack of accountability
    • inability to track status of loads
Helping Great Companies Grow

Solution/Strategy

  • TruckPay automates the antiquated paper ticketing process
  • Platform includes all users in the earth moving process and the app auto-configures to type of user
  • Companies use TruckPay to post jobs, manage scheduling, logistics and payments to drivers
  • Drivers with successful bids present their unique QR codes to site operators, which capture the drivers’ information
  • Transparency ensures that work is performed as requested
  • Payments are accurate and can be made immediately to the driver upon delivery
  • After each job is completed, construction companies, dirt subcontractors, material suppliers and site operators review and rate drivers
  • Project performance can be monitored, pointing to potential efficiency improvements
  • TruckPay earns a minimum $1.50 QR scanning code fee plus a 30% broker commission (versus 65% charged by traditional brokers)
  • Monitoring center provides 24/7 support and store/forward capability in case of poor connectivity
  • Analytics platform provides real-time trend data and reports for companies to track productivity and improve operations
    • provided for free but expected to become a paid subscription service once a critical mass of users are on the platform
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Helping Great Companies Grow

Management

Barry Honig

Co-Founder & President/CEO

  • Former owner of an earth moving  logistics business
  • Worked for Morgan Stanley and other financial services firms for many years
  • Roles included Senior Technology Manager, Risk Management Consultant, Commodity Trader
  • Adjunct Professor at New York University
  • BS in Applied Math and Computer Science from Columbia University

Ben Honig

Co-Founder, Vice President/ CTO

  • Software developer and manager of global technical resources since he was 15 years old
  • Two time Apple WWDC Student Scholarship Recipient
  • Created an app that had almost one million downloads
  • BS in Information Management from Syracuse University

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CONTACT US

Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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