Drive My Way Closes $4.4 Million Series A Financing Round
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Investment will enable Drive My Way to accelerate the growth of its driver-centric platform to meet rapidly increasing market demand and support customer growth.
Cleveland, OH (October 27, 2022) – Drive My Way™, a Software-as-a-Service provider with a next-generation personalized recruiting marketplace focused on the trucking industry, today announced it has closed a $4.4 million Series A financing round led by First Analysis with participation from existing investors JumpStart Ventures and JobsOhio Growth Capital Fund, in addition to M7 Holdings.
Since its founding in 2016, Drive My Way has maintained a driver-first, future-focused candidate experience with tech-enabled high touch. Drive My Way will use this funding to rapidly expand the capabilities of its technology platform to enhance the driver and employer experience, accelerate sales and driver community growth, and aggressively grow its team.
Nearly all employers have felt the impact of the tight labor market. The demand for truck drivers has been particularly intense and continues to grow as the profession has struggled to attract new entrants and retain talent.
Founder, President and CEO, Beth Potratz said, “To compete in this talent market, employers must pursue in-demand candidates more like they’re consumers and meet them where they are. Truck drivers are no exception. Drive My Way has led the way in the trucking industry, treating drivers as consumers and offering a transparent and personalized experience with technology playing a critical role in facilitating human interactions. We are excited to partner with an investor team that understands the unique industry dynamics we face and look forward to working with First Analysis.”
“Driver shortages and employee retention challenges have never been more acute for motor carriers. We recognized Drive My Way’s innovative model expedites truck driver recruitment by matching attributes of carrier jobs with the attributes most important to drivers. This model ensures better candidate conversion and employee retention,” said First Analysis Vice President Terry Kiwala. “We are thrilled to join Drive My Way’s team and support this next phase of growth.”
“Ohio is a logistics powerhouse not only because it lies within one day’s drive of 60 percent of the U.S. and Canadian populations, but also due to the ingenuity of companies like Drive My Way,” said J.P. Nauseef, JobsOhio president and CEO.
With substantial growth projections in the trucking industry that point to the need to hire nearly one million more drivers in the next 10 years, Drive My Way has a large opportunity to accelerate its growth strategy, elevate trucking as a career, fundamentally change how drivers are recruited, and inspire an employment value proposition focused on retention and supporting the changing needs of drivers throughout their career.
“JumpStart Ventures has been working with Beth since the early days of Drive My Way, and we have seen her passion, grit and hustle firsthand,” said Hardik Desai, JumpStart Ventures Managing Partner. “We are excited to continue our journey together as she solves this critical recruiting problem for the trucking industry.”
About Drive My Way
Drive My Way’s personalized recruiting marketplace matches CDL and non-CDL truck drivers and owner operators with jobs based on their professional qualifications and personal lifestyle preferences. Drive My Way is making truck driver recruiting personal again by treating the driver as a consumer in the employment relationship and matching truck drivers with jobs that allow them to live the life they want, doing a job they love. Drive My Way partners with employers to start recruiting for retention, creating meaningful connections for employers to turn into lasting relationships.
About First Analysis
First Analysis is a leading venture capital investor. We have one of the longest records in venture capital, having invested more than $800 million across multiple highly diversified funds over four decades. First Analysis invests mainly in North America with a focus on our sectors of expertise: technology/SaaS, healthcare, and environmental technology. We help established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing and corporate development. Our flexible approach targets investing $3-10 million as lead investor or as a syndicate partner bringing valuable perspective.
About JumpStart Ventures
JumpStart Ventures is a division of JumpStart Inc. focused on venture capital investing. JumpStart Ventures deploys Pre-seed, Seed and Series A funding to early-stage technology startups in Ohio. With more than $140M under management across four funds—Evergreen, NEXT, Focus and the Healthcare Collaboration Fund—JumpStart Ventures provides a continuum of capital across stages and sectors so tech founders can start and scale in the Midwest.
About JobsOhio Growth Capital Fund
JobsOhio Growth Capital Fund is a syndicate (sidecar) fund that invests in Ohio’s next generation of great employers and intellectual property creators. The fund seeks to invest in early-stage venture-backed companies that are Ohio-based or planning to locate a significant presence in Ohio. JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio.