RINGGOLD, Ga. — Truck Parking Club (TPC) is announcing a growth investment from Argentum Capital Partners, a New York-based growth equity firm.
“Too often, drivers are left to solve parking on their own, giving up drive time or stopping somewhere they shouldn’t,” said Evan Shelley, co-founder, CEO, TPC. “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.”
The investment will accelerate network expansion and fund the technology and teams that help fleets incorporate parking and storage into their daily operations.
The Parking Problem
According to TPC, truck parking supply isn’t keeping pace with demand.
98% of drivers report trouble finding safe parking, spending an average of 56 minutes per day to secure a space, resulting in lost driving time of ~ $6,800 annually and 79% of truck stop operators have no plans to add spaces, according to the Federal Highway Administration.
In three and a half years, TPC has grown to more than 7,200 locations and helped park hundreds of thousands of trucks and trailers. Drivers at 94 of the top 100 trucking companies have booked through the platform, and fleets are increasingly using the network to meet parking and storage needs across their operations, according to TPC.
Expanding Dedicated Teams to Find Solutions
TPC will use the fresh investment to expand dedicated teams working with warehouses, trucking companies, self-storage operators and hotel owners to turn suitable unused space into truck and trailer parking. The company will also invest in its technology and expand its work directly with fleets to match the network’s capacity to their operating needs.
Beyond driver parking, the network helps fleets secure truck and trailer storage and drop yard space across multiple locations without sourcing each site independently. Fleets can find locations that meet their equipment, capacity and amenity requirements, and list unused space in their own yards to generate revenue.
A Challenging and Expensive Puzzle to Solve
“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,” said Daniel Raynor, managing partner, co-founder of Argentum. “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.”
Raynor will join the TPC’s board in connection with the investment.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe.
