Semi-Stow Changes Name to Outpost, Raises $12.5 Million in Funding

Semi-Stow Changes Name to Outpost, Raises $12.5 Million in Funding

Commercial vehicle storage and parking provider Semi-Stow has unveiled its new identity as Outpost, along with securing $12.5 million in Series A financing. This round was led by GreenPoint Partners, with contributions from Speedwagon Capital Partners. The rebranding and funding announcement comes amid a national shortage of truck parking spaces, with approximately 313,000 spots available for over 3.5 million active drivers in the United States, resulting in more than 70% of drivers violating federal rest regulations to find parking.

Outpost’s approach to tackling this issue includes a dual strategy: acquiring real estate to control both operations and the parking experience and partnering with other yards to offer additional parking solutions. “Our strategy involves directly purchasing properties while also locating additional parking spaces across the country through brokerage to accommodate our clients’ needs,” said Trent Cameron, co-founder and CEO of Outpost.

Currently, Outpost owns 18 properties with 8,000 spaces and plans to double this portfolio in 2024 using the newly raised funds. This growth is supported by a $500 million investment fund established with GreenPoint in 2023, aimed at expanding industrial outdoor storage.

Chris Green, founder and CEO of GreenPoint, expressed confidence in Outpost’s potential for growth and impact on the industry. “Over the past year, Outpost has attracted significant talent and demonstrated its ability to scale profitably while addressing critical issues affecting both our economy and driver safety,” Green said.

Outpost’s service extends to parking chassis and trailers for various clients, including major fleets like Landstar and Werner. The company is also planning for future industry changes, such as electric and hydrogen-powered vehicles, by adapting its properties to meet evolving needs. “Our long-term vision includes developing these Outpost locations into hubs that offer shared services and amenities for the trucking community,” Cameron added.

Leave a Comment

Verified by MonsterInsights