Alabama Futures Fund uses investment to recruit trucking tech company to Alabama
The Alabama Futures Fund (AFF) announced on Wednesday that the trucking technology company True Load Time will be relocating to Birmingham after the AFF made an investment in the firm.
True Load Time created and operates software that allows truck drivers, dispatchers, freight brokers and supply chain professionals to search for the average loading and unloading times at facilities before booking.
The company says the information on loading and unloading times provided by their platform allows members of the freight-moving industry to make better decisions that improve the efficiency of their operation.
The Alabama Futures Fund often makes seed and early-stage investments in “companies that are willing to relocate their headquarters and principal business operations to Alabama,” according to a release from the group.
Kevin Nadeau, founder and CEO of True Load Time, said in a statement that he and his team are “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,” he added.
True Load Time was originally based in Greenville, South Carolina, before the relocation announced Wednesday.
Matt Hottle of RedHawk Advisory is currently serving as the investment manager for the Alabama Futures Fund.
Hottle said on Wednesday, “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.”