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CloudTrucks, a platform helping truck drivers find work and organize their business announced today that it has raised $20.5 million in a Series A round led by Caffeinated Capital with participation from Craft Ventures, Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures, and Better Tomorrow Ventures. Cofounder and CEO Tobenna Arodiogbu said that the problem they were trying to solve was basically helping truck drivers manage their business better. “We noticed that more and more drivers wanted to take control of their schedule and become entrepreneurs, and needed a lot more help with managing everything: from revenue, cash flow as well as minimizing their costs,” Arodiogbu says. CloudTrucks has built a mobile app where drivers can see loads coming from many different shippers across the country, and the company has an algorithm (called Schedule Optimizer) which helps drivers make better decisions on which loads to take to increase their revenue. Along with the announcement of the funding round, CloudTrucks has rolled out a payment product called CT Cash. “It helps users get paid faster so they don't have to worry about getting paid in 30 or 45 days, or tracking which jobs they are paid or not paid for,” Arodiogbu says. “We take over all of that stuff so they can run their businesses with fewer headaches.” Platform According to Arodiogbu, CloudTrucks is lowering the bar of becoming independent for truck drivers. “The full process after they sign up to the app is that they find all the leads and book them instantly, they have a calendar to manage their schedule, they have CT Cash to manage their payments, and everything is simplified.” The way CloudTrucks generates revenue is by taking a flat rate of 13-15% percent of what the driver is generating on the platform. The company, which launched in May of this year, has grown to $1.8M in freight transactions over the past 6 months and the company is growing 40% month over month, doing over 300 deliveries on a monthly basis. Arodiogbu, who is originally from Nigeria and earned degrees from Penn State and Johns Hopkins, previously cofounded a company called Scotty Labs, which had raised $6 million and was acquired by DoorDash in 2019. Arodiogbu met his cofounder Jin Shieh (who was born in Taiwan and serves as CTO) at Zenefits, where Shieh he was director of engineering, and Arodiogbu was a product manager. George Ezenna (who is also from Nigeria) and Arodiogbu worked together at Scotty Labs. Ray Tonsing, founder and managing director at Caffeinated Capital, who led the Series A investment says that the company aims try to empower small trucking firms and individual truck drivers with modern tools. “The cofounders are really trying to create a consumer experience to modernize the business in a box toolkit for truck drivers,” Tonsing says. “Looking at it long term, the company is going to be about how it can help these drivers earn more money and optimize their time.” CloudTrucks, which currently employs 13 people and is headquartered in San Francisco, previously raised $6.1 million in a seed round. With the $20.5 million Series A the total amount of equity funding in the company has grown to $26.6 million. cc lalasticlala https://www.forbes.com/sites/igorbosilkovski/2020/12/16/meet-the-nigerian-entrepreneur-who-just-raised-205-million-to-help-truck-drivers-manage-their-business/?sh=5d2c5fda7e80 |
The government can fight all they want, but if youth unemployment is not checkmated, there will always be idle minds and willing fighters for Boko Haram. Governance is not for jokers. |
OakPearl:Thanks. Keep up the good work too. |
I created a custom search for stock price history. Just input the company name and it will show all their yearly stock price chart since history. http://cse.google.com/cse?cx=004567717726689792196:py_lvxhwj5m |
Senate Minority Leader Chuck Schumer, D-N.Y., holds a bottle of hydroxychloroquine while raising concerns about its use. The National Institutes of Health has halted its study of hydroxychloroquine, a drug President Donald Trump has promoted as a possible treatment for COVID-19 and once claimed to be taking himself. In a statement issued on Saturday, the agency said that although it did not appear hydroxychloroquine caused harm to patients in the study, it was also "very unlikely to be beneficial." "The data from this study indicate that this drug provided no additional benefit compared to placebo control for the treatment of COVID-19 in hospitalized patients," according to the NIH. The announcement could represent the final judgement in the effort to determine whether the drug can be used to treat patients hospitalized with COVID-19, an illness that has infected more than 2.2 million Americans and which has claimed nearly 120,000 lives in the United States. The Food and Drug Administration issued an emergency use authorization for the drug in March, a move that cleared the way for it to be tested as a possible treatment for the coronavirus. But the FDA revoked that authorization on Monday, saying it was "no longer reasonable to believe that oral formulations of [hydroxychloroquine] and [chloroquine] may be effective in treating COVID-19, nor is it reasonable to believe that the known and potential benefits of these products outweigh their known and potential risks." On Wednesday, the World Health Organization followed suit, ending its trial of the drug as well. The NIH launched its clinical trial of hydroxychloroquine in April at Vanderbilt University Medical Center in Nashville. It aimed to study a total of 500 patients, but the trial was stopped after 470 had been enrolled. The drug has long been used to treat malaria and conditions such as arthritis and lupus. Early in the pandemic, researchers believed it carried the potential to also be effective against COVID-19. Laboratory tests showed the drug interfered with the ability of the coronavirus to enter cells, but those results came from relatively small tests that could never be replicated on a large scale. https://www.npr.org/sections/coronavirus-live-updates/2020/06/20/881260031/nih-halts-hydroxychloroquine-study-says-unlikely-to-help-covid-19-patients?utm_medium=RSS&utm_campaign=health |
It is either a mink or mongoose. |
Nigeria may have one of the worst governments in the world. Even in good times, the country was in poor shape. But now, with oil prices falling to all-time lows, Nigeria is about to go the way of Venezuela and Zimbabwe with total economic collapse. The Nigerian government depends on oil for 60% of its revenue and 90% of its foreign exchange. But with prices for several oil benchmarks falling below zero, Nigeria is generating massive losses for every barrel it produces. Add this to a rising debt load, bad economic policies, and political instability, and you have a recipe for disaster. Where did Nigeria’s Oil Money Go? There are many proposed explanations for Nigeria’s situation. Some blame corruption, while others blame colonialism. But the real problem has been disastrous government policy. Like Venezuela, Nigeria allowed its central government to exert outsized control over its economy, which led to inefficiency and stagnation. Until recently, Nigeria’s Federal government was responsible for practically all oil refining through its state-owned Nigerian National Petroleum Corporation (NNPC). But because its poorly-managed refineries fell into disrepair, the government relied on imports to meet its populations’ demand for fuel. Put simply, Nigeria produces crude oil which it sells to the United States, China, and the European Union, only to re-import gasoline at a higher price, subsidize that gasoline, and sell it to consumers at a massive loss. According to Bloomberg, Nigeria spent four times as much money subsidizing fuel as it spent building schools, health centers, and science labs in 2019. This has led to mass emigration and widespread poverty in the country. Now, with oil prices at unprecedented lows, the country is about to collapse in a Venezuela-like catastrophe. Nigeria Has The Highest Break-Even Oil Price in the World According to the Fitch Rating Agency, Nigeria’s break-even oil price is $133, the highest in the world. This is because of an inflated government budget that includes, among other things, Senator salaries in the range of $37,000 a month. The country’s cost of producing oil is $15-17 per barrel, but with crude prices falling near or below zero, this won’t be enough to avert a sovereign debt crisis. Nigeria’s benchmark Bonnie Light crude hasn’t hit zero yet. But with millions of barrels sitting unsold, Nigeria may start paying customers to take delivery due to its lack of onshore storage facilities. According to some sources, Nigeria is losing an average of $35 million a day in accruable revenue. And its currency, the Naira, maybe on the verge of a Zimbabwe-like devaluation because oil is the only source of the foreign exchange needed to prop it up. The Next Sovereign Debt Crisis Drunk on cheap debt from China, domestic lenders, and high-interest rate Eurobonds, Nigeria is on the cusp of a massive sovereign debt crisis. The country’s total debt stands at an estimated $84 billion, with up to 80% of its bilateral debt owed to China. According to Forbes, debt servicing eats up a full 2/3rds of all government revenue. And China is reluctant to forgive these debts — especially as it attempts to revive its own struggling economy. Paradoxically, Nigeria’s President Muhammadu Buhari has decided to pile on even more debt recently, approving an additional $23 billion loan request from international lenders. To address these challenges, Nigeria has discontinued its insane fuel subsidy and is considering reducing its 2020 budget by around $4.9 billion. According to the country’s finance minister Zainab Ahmed, the new budget assumes crude oil production of 2.1 million a day at an average price of $30 a barrel. But with oil prices falling below zero, this new budget won’t stop Nigeria’s slide towards insolvency. It is also important to note that Nigerian senators will still enjoy their $37,500 monthly salaries under the new budget cut. https://www.ccn.com/oil-price-apocalpyse-will-bankrupt-nigeria-africas-richest-nation/ cc Lalasticlala |
sexylassie2:The suppliers also have email addresses and contacts to reach them. Most business men dont travel frequently to order goods (its only done in the initial phase). Once they have a business relationship and trust with the supplier, business can be done online without being physically present. |
sexylassie2:They can share their knowledge and order for goods through the internet (eg skype and alibaba). They dont have to be here physically. The world has gone digital. |
sexylassie2:We dont import through air but through the seaports. Our airspace should be closed because we dont have the capacity to handle a Corona epidemic. |
abes:It bears some similarities with this marked building in their compound.
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The situation of Nigeria's budget due to excessive travel...
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Google about Pyoderma gangrenosum. |
Sai Baba! Welcome to "Next Level"
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Rochas should be chilling in kirikiri, but this is Nigeria, where anything goes.
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Poor drainage, mediocre leaders and gutless citizens are the signs of a shithole country.
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Waste of public funds.
Shithole Country!
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Recession
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A commendable effort. Our leaders should learn from this. |
Clown in chief
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Nigeria is governed by dunderheads. You dont increase tax in a slow economy, as it will deter foreign investments and contract growth. They should actually be doing the reverse. |
77up:When did Cross-River become a SE state? You guys just like to look for excuses to spew bigotry. |
dave00733:Your welcome. Try to skip the professional certification part when you reach that section to prevent your application from hanging. |
uniqUN:Restart the application with another email and skip the "professional certification". It is what is hindering your application. |
Cuteamigo1:Use UC browser to upload the passport. It worked for me. |
Knockout
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"You either die a hero or live long enough to see yourself become the villain." Buhari will be completely demystified before 2023. Those praising him now will be his greatest critics at that time. Bookmark this post for the future. |
Atiku was totally disgraced by the north.
Lets see what the future holds.
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A recent Reuters report revealed that about 56% of refugee claims finalised between January and September 2018 were accepted, but the acceptance rates are lower for border-crossers, with Nigerians and Haitians forming the largest groups.https://pulse.ng/news/local/canada-rejects-70-7-of-nigerian-refugees-who-crossed-borders-id9114216.html
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