The Aryavarth Express
Agency (Bengaluru): Outpost, a leading provider of managed semi-truck parking facilities, today announced a Series A funding round of $12.5 million, led by GreenPoint Partners with support from Speedwagon Capital Partners. The funding will be used to accelerate the expansion of Outpost’s network and technology offerings.
Founded in 2021 under the name Semi-Stow and now rebranded as Outpost, the company aims to tackle the critical shortage of truck parking spaces across the United States. Currently, there is a significant imbalance with only one parking space available for every 11 trucks, leading to substantial economic and safety issues for drivers.
The company, which has its headquarters in Austin and an engineering hub in Seattle, operates 18 properties providing over 8,000 parking spaces. In 2023 alone, Outpost opened 10 new fleet yards and plans to double its properties in 2024 through direct real estate acquisitions and managing a $500 million industrial outdoor storage investment portfolio initiated by GreenPoint last year.
Trent Cameron, Outpost’s co-founder and CEO, highlighted the broader implications of the expansion, “Truck parking is as crucial as roads and bridges for our supply chain and economy. We are setting the stage for future services such as maintenance, electric vehicle charging, and autonomous vehicle facilities by establishing a nationwide network of truck parking and related services.”
Outpost’s innovative technology platform enables trucking companies to book and manage parking reservations online, optimize their operations, and gain real-time insights into their fleet usage. The platform also offers lot owners advanced tools for managing occupancy and maximizing returns without needing to find new business actively.
Outpost’s solutions are not only addressing the parking shortage but are also turning real estate into a strategic asset for trucking companies, helping them to be more competitive and agile in their operations. The company serves many of the largest fleets in the nation, including Landstar, Werner, and Prime Inc., and is expanding its services to other sectors with vehicle storage needs.
Chris Green, founder and CEO of GreenPoint, expressed his enthusiasm about the investment, “Outpost has assembled an impressive team and has demonstrated a strong ability to scale profitably while tackling a pressing logistical challenge that affects the entire economy and every road user.”
