BIRMINGHAM, Ala., July 01, 2020 (GLOBE NEWSWIRE) -- Alabama Futures Fund (“AFF”) recently placed an investment in True Load Time, Inc. (“True Load Time” or “TLT”). Based in Greenville, South Carolina, True Load Time has created a web and mobile-based platform where truck drivers, dispatchers, freight brokers, and supply chain professionals can search for average facility loading and unloading times prior to booking. This data helps freight brokers, freight operators, and independent owner-operators gain critical insight into loading and unloading times, which is a major factor in correctly pricing a load, determining which loads to accept, and keeping drivers satisfied in a brokered transaction.
As part of the investment by AFF, True Load Time will be moving its headquarters to Birmingham, Alabama.
Founded in 2018, True Load Time is the only platform that lets drivers, owner-operators and freight brokers see location-based loading and unloading times of booked shipments. This “detention” time is a major cost driver for freight carriers and, until now, has not been available to the industry at large.
More than $302 million of motor carrier revenue is lost due to time sitting idle during loading and unloading (also known as detention). Most pay scales for drivers are based on miles driven, not time, which represents $1.3 billion in lost wages for drivers as they sit, unpaid, waiting to load or unload. Trucks may wait 15 minutes or 15 hours and are at the mercy of the point of origin’s schedule, efficiency and prioritization.
True Load Time gathers data from a broad spectrum of industry participants, technology vendors, and parallel service providers. TLT takes this data and provides location-based information on historic wait times and several predictive measurements to provide an estimate of actual detention time. Carriers, brokers and operators can use that information to decide if those wait times are acceptable based on their priorities, existing schedules, and rates offered.
According to Kevin Nadeau, Founder and CEO of True Load Time, “We're excited to enter the next phase of business development alongside the AFF team. Their depth of knowledge, community connections, and sincere enthusiasm for our vision and product created the foundation for a great partnership. Birmingham's geographic location on the southern end of one of the busiest freight corridors in the country, as well as its thriving entrepreneurial, technology, and supply chain ecosystem made relocating there a win-win scenario for the True Load Time team.”
Matt Hottle, Partner at Redhawk Advisory, serving as the Investment Manager for AFF said, “Supply-chain and logistics is a vertical in which the Redhawk team has significant operating experience. We recognize valuable technology targeting the fragmented and underserved owner-operator market represents a huge opportunity. Mostly, we are excited about the opportunity to partner with Kevin and his team who have leveraged their vast industry experience to solve an important problem. True Load Time is a compelling investment opportunity and we are excited to see them move to Birmingham as the newest AFF portfolio company.”
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory, LLC
Redhawk Advisory, LLC (“Redhawk”) is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkVC.com.