Drive My Way, the online job-matching startup for commercial truck drivers, has raised $4.4 million to speed up sales and workforce growth.
The fundraising round was led by First Analysis, the Chicago-based venture capital firm, with participation from existing investors JumpStart Ventures in Cleveland, JobsOhio Growth Capital Fund in Columbus and M7 Holdings in Akron, JumpStart said in a statement.
JobsOhio is the state's private economic development corporation that acts as a catalyst for high-growth business investments and job creation.
Drive My Way, which is based in Cleveland's MidTown business district, has developed an online technology it calls Match My Way that matches drivers with available jobs based on their qualifications and personal preferences, the company says at its LinkedIn page.
Though most employers have been pinched by today's tight labor market, the demand for truck drivers has been particularly intense.
"Driver shortages and employee retention challenges have never been more acute for motor carriers," said Terry Kiwala, vice president of First Analysis in statement by JumpStart Ventures.
Founded in 2016, Drive My Way's 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," Kiwala said.
Drive My Way plans to use its funding to expand the capabilities of its technology platform to enhance the driver and employer experience, accelerate sales and driver community growth, and grow its team, JumpStart said.
"To compete in this talent market, employers must pursue in-demand candidates more like they're consumers and meet them where they are," said Beth Potratz, Drive My Way's founder, president and CEO.
And with trucking industry projections pointing to the need to hire nearly 1 million drivers in the next 10 years, Drive My Way has a big opportunity to accelerate its growth strategy, said Hardik Desai, managing partner of JumpStart Ventures, in the organization's statement.
"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," Desai said.
