Diversified trucking technology firm One20 will cease operations next month, letting go of about 55 employees at Minneapolis headquarters.
Started in 2015, CEO Christian Schenk raised $38m of investment capital from a variety of backers including majority strategic investor Tremble, who Schenk says, ultimately pulled the plug on One20 operations.
As a result, the company was forced to fire about 80% of staff (55/70) and will reorganize under a new holding company to salvage what assets were left.
Schenk says that he is committed to saving some jobs with intentions of bringing “dozens” of them back to life through a series of acquisitions and a rebrand as TruckThat.
The acquisition included assets of: Online Tire MN (operating as ONE20 Tire), ONE20 BNK, ONE20 Strong, ONE20 Trucking, CLS Developments and TruckThat.
“The newly-combined entity creates one of the largest and most influential trucking communities in North America and will enable the organization to amplify the voices of truckers and further influence the industry on behalf of drivers everywhere.”