Fulcrum Equity Partners Announces $7.5M Series A Round for DriverReach
Fulcrum's investment boosts DriverReach's mission to improve driver recruitment and retention
ATLANTA, Jan. 13, 2022 /PRNewswire-PRWeb/ -- Fulcrum Equity Partners, an Atlanta-based growth equity fund, announces their investment in DriverReach, a recruiting and compliance management system that solves trucking's primary challenges of driver recruiting and retention. The $7.5M investment round also includes participation from growth equity studio CreativeCo Capital, who has operating and investing experience in the logistics space.
Indianapolis-based DriverReach has over 350 customers across the US and counting. This round of funding will be used to accelerate their growth and develop additional product features and functionality. The investment opportunity came after an introduction from Indianapolis's TechPoint, the growth accelerator for Indiana's tech ecosystem and an early supporter of DriverReach. The partnership between Fulcrum Equity Partners and DriverReach will ensure the Company continues to set the pace and standard of innovation in the world of driver recruiting, logistics, and compliance management technology.
Fulcrum Venture Partner Scott Dorfman says, "We are seeing massive growth in transportation, logistics, and trucking due to the explosion of eCommerce. This means our investment in DriverReach is an opportunity to help fill the driver pipeline. A better applicant experience will streamline the process of qualifying drivers and dramatically improve speed-to-hire." With decades of logistics experience behind him, Dorfman adds, "This increased demand for drivers means logistics companies must be able to recruit, onboard, and manage drivers via non-traditional avenues."
DriverReach CEO Jeremy Reymer, an experienced carrier and vendor in the trucking industry, founded DriverReach in 2016 to address the ongoing driver shortage. Seeking a solution to empty trucks sitting and high driver turnover in an industry known to be slow in adopting new technology, DriverReach offers recruiters modern technology to create a better experience for the driver applicant. Reymer explains, "You have to look at the applicant from the drivers' point of view. Because CDL drivers are constantly on their smartphones, the ideal application experience must be completely mobile-responsive. Fulcrum's support, deep software roots and operating experience, means we can make it easy for drivers to apply and remain engaged with a clean, modern interface."
In addition to serving as an information repository that automates the recruitment process, DriverReach also navigates the complex safety and licensing requirements of the highly regulated trucking industry. It acts as a repository for compliance artifacts which keeps drivers current and compliant while also aggregating this information for the regulators.
About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm that manages over $600 million and provides expansion capital to rapidly growing companies led by strong entrepreneurs and management teams. Fulcrum targets companies within healthcare services, healthcare IT, B2B software, and technology-enabled services. Fulcrum's initial target investment is $5 million - $25 million to provide financing to meet a wide range of needs, including internal growth initiatives, acquisitions, divestitures, shareholder liquidity, and recapitalizations. The partners have over 140 years of relevant experience in Fulcrum's target markets, including significant operating experience in senior executive positions at companies that grew rapidly and enjoyed successful exits. Additionally, Fulcrum's limited partners include over 100 current or former business owners/CEOs of leading companies in a wide variety of industries that provide a rich resource for the firm and portfolio companies. Learn more at http://www.fulcrumep.com.
About DriverReach
DriverReach's modern recruiting and compliance management system provides a better applicant experience and dramatically improves speed-to-hire. A mobile-friendly DOT application feeds directly into a full-service ATS with email and text functionality, streamlining the process of qualifying drivers so companies can Hire. Better. Faster. As an American Trucking Association Corporate Partner, DriverReach is dedicated to improving the hiring process for drivers and carriers alike. For more information visit driverreach.com.
Media Contact
Peter Franconi, Fulcrum Equity Partners, +1 (770) 551-6300, [email protected]
SOURCE Fulcrum Equity Partners
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