Optimizing Box Truck Space Technology
The startup, Onward, aims to streamline the box truck industry with technology that decreases idle time and optimizes delivery systems. By analyzing route data of millions of trucks daily, we intend to consolidate orders minimizing the number of empty drives. Hence, creating a more efficient network where fewer trucks deliver more orders thereby reducing carbon emissions and increasing productivity.
Onwards vision is to make all empty space on box trucks an opportunity to earn more revenue in the big and bulky India . Leading to faster service, higher quality drivers and less carbon emissions.
US Retailers and brokers that need big and bulky items (furniture, appliances, pallets) delivered or picked up from end customers.
Onward solves multiple challenges: monetary loss through inefficient routes, slow and costly rural deliveries, poor visibility hindering collaboration, difficulty meeting ESG goals, tech competition with giants like Amazon, excessive time on issue resolution, and sourcing high-quality drivers.
Box truck operations struggle to stay profitable, big and bulky retailers can’t offer next day or same day delivery to customers, the market can’t handle variable volume fluctuations which was proven by the pandemic and around the holidays
Leveraging aggregate route data, we match retailers with optimal box trucks based on direction, driver experience and truck capacity.
Machine learning, Big Data Analytics, IoT for real-time tracking, Cloud services for data storage and processing.
Submitting route data to Onward's API enables box truck companies to receive order recommendations, fostering efficient delivery planning.
Customers deliver more orders efficiently, faster delivery experience for all, with a green impact.
We estimate the market size for which our solution is designed in monetary terms as follows
Is our goal in the next 3 years
My key role is CEO and I'm responsible for setting strategies, fundraising, building a great team, and guiding the company's growth.
Consider adding a growth marketer with experience in scaling startups and a seasoned CFO familiar with VC funding. Also enlist an industry expert advisor for leverage.
Our main competitors are Deliveright, which focuses on warehousing and sells a route optimization system, and One-Rail that aggregates gig economy companies. Unlike them, we focus on picking up from DCs and aggregating data from commercial companies.
Onward outperforms by leveraging route data from various softwares, ensuring coverage for rural and suburban residents. Employing only trained professionals, our delivery quality excels with a minimal damage rate of 1%.
10% transaction fee for all orders completed on our marketplace add saas fee based on the number of transactions submitted per month
Achieving 20% monthly growth by securing partnerships with top-notch brokers like Ryder, EFW, ArcBest, CDS and notable enterprise retailers such as Living Spaces, ABC Warehouse, Slumberland and Article Furniture.
Our company's momentum accelerates, marking a significant milestone with an impressive 6M ARR. This rapid growth signifies our robust business performance and dedicated team effort propelling us forward.
Product metrics have seen significant growth. Active users surged from 5 to 25 in just nine months, while our churn rate drastically fell from a high of 15% down to only 1%. Revenue-wise, MRR tripled over the same period - growing impressively fast-from $10k up to $30K .
Initiated a strategic shift early in 2023, now boasting $30k MRR. We project a significant rise to reach $83k MRR by mid-2024.
Our company incorporated in
Delaware
Some main risks might include significant competition in your sector, scaling your technology too quickly resulting in errors or inefficiencies, data breaches compromising sensitive route and customer information, insurance and liability issues with trucking companies if anything goes wrong during transport, changes in fuel costs and the volatility of logistics industry.
$
7500000
We raised investments
Top industry investors and VCs collectively own 30% of our company.
$
10000000
Currently, we are raising investments
$
$12M
Estimated pre-investment valuation of the company
Harnessing data from our platform, Onward taps into the vast potential of independent movers and deliverers in the large-item final mile market. This unlocks unmatched supply capacity.