Outpost Raises $12.5M Targeting Truck Parking Shortage
Outpost, a network of managed semi-truck parking facilities, announced a $12.5 million Series A funding round led by alternative investment firm GreenPoint Partners, with participation from Speedwagon Capital Partners, to accelerate the growth of its managed properties and technology platform.
Founded in 2021 as Semi-Stow, the company has rebranded as Outpost to reflect its growing network of locations where trucking companies may securely keep their assets and expand their geographic reach.
According to Outpost, citing data from the American Trucking Associations (ATA), there is currently only one parking space for every 11 trucks on the road. “The parking shortage is a nationwide issue, although it’s most acute near major metro areas, ports, and along major freight corridors like I-95 on the East Coast, I-10 in the South, and I-40 running across the country, Trent Cameron, Outpost co-founder and CEO, told Connect Money.
The Austin-based company, which has an engineering hub in Seattle, is rapidly increasing its portfolio of 18 properties and 8,000 parking spaces. In 2023, the company launched 10 additional fleet yards and expects to more than double the number of properties by 2024.
The growth will be fueled by Outpost’s acquisition of real estate and through the management of a $500 million industrial outdoor storage portfolio launched by GreenPoint last year.
“Truck parking is essential infrastructure for our supply chain and the U.S. economy—no different from roads and bridges,” added Cameron. “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 company’s technology platform 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, and more.
Outpost supports many of the country’s top fleets, including Landstar, Werner, Prime Inc., FirstFleet, PAM, Dot Transportation Inc., Western Flyer Xpress, and RTI, as well as over 1,500 midsized and small trucking companies.
With regards to the nearly $300 million in federal funding recently announced from the Department of Transportation, Cameron said, “Recent federal funding is a validating step that recognizes the acute need for more safe truck parking. However, the allocation of this investment is only expected to generate about 1,000 new spaces over the next few years, which doesn’t begin to address the current nationwide need as demand only continues to increase.”
“Mitigating the parking shortage requires additional funding and policy change at all levels of the government along with public-private partnerships and private sector investment.”
Outpost also has a brokerage arm that assists trucking companies obtain secure parking anywhere in the U.S. The brokerage unit now comprises 20 additional yards run by Outpost partners.
Pictured: Outpost fleet yard