Ed Stockman equates his tech company Newtrul as a sort of Expedia or Stubhub for the trucking industry—a one-stop online shop matching shippers and truckers instead of each end exchanging multiple calls or emails.
Ed Stockman, co-founder, CEO Newtrul
Newtrul
“We are a technology platform that allows anybody looking for a truck with anybody that has a truck to easily and quickly find each other and transact,” Newtrul co-founder and CEO Stockman told Forbes.com.
In this environment of vastly increased deliveries and shipments, sparked in large part, by the Covid-19 pandemic, Newtrul’s system has caught the attention of investors with the Chicago-based company announcing Sunday, a new $5.3 million capital infusion.
Lead investors include SignalFire and Flex Capital as well as previously unannounced investors that include Bessemer Venture Partners, Crowley, Oren Zaslansky, CEO of Flock Freight, John Larkin, and Brad Hollister.
Stockman is pleased with the mix of investors, especially SignalFire and Flex Capital which he described as “large new institutional investors that will have tremendous amount of experience with marketplaces and building unicorns and all of the ideal characteristics one would wish for when taking in new money. They both share the same vision as us in terms of developing software, and potentially even giving away software, to both parties.”
“Brokers pay astronomical premiums to arrange truckload capacity manually over the phone, often wasting over half their margin,” said Chris Farmer, SignalFire founder & CEO in a statement. “Newtrul modernizes this outdated practice with its integrated aggregation platform that lets them save both money and time on matching freight with quality carriers.”
Indeed, Stockman says the challenge for shippers trying to find the right trucks to move their goods has become more acute as demand for shipping has spiked but efficience hasn’t followed.
“We’ve gone, in the last three years, from 19,000 freight brokerages to 22,000 freight brokerages so the industry is not consolidating it’s just getting further fragmented which means truckers just need to call more places now or log into more websites,” said Stockman.
Screenshot from Newtrul platform showing three different loads shippers could consider bidding on.
Newtrul
While so much has been made of a long-standing truck driver shortage, Stockman disputes that assesment asserting, “There’s not a driver shortage, they’re just driving all over the place empty. That’s because they have to make 100 different calls a day to find the best shipment for their trucks.”
One of the other issues Newtrul’s platform addresses is what Stockman terms “transparency” via its ratings system. Users can rate their experiences with shippers, carriers and receivers for all to see.
Stockman says Newtrul’s “sweet spot” is what he terms mid-market trucking companies that operate 50-500 trucks rather than owner-operators or individual drivers. Over the past year, Newtrul has added more than 10,000 active carrier users of all sizes to its platform and is currently working with nearly 75 customers, according to a company release.
It costs shippers and trucking companies zero to register for access to Newtrul’s platform. The registration process takes under 20 seconds. Stockman says using Newtrul’s system can save trucker’s 70% of the cost of finding a shipment and customers are available immediately upon registration
Freight brokers pay a transactional fee to place shipments saving them 90% of the cost to find trucks, Stockman said.
Screenshot from Newtrul platform giving details of a particular load to be shipped.
Newtrul
This latest round of funding follows a Seed Series raise of $2.25 million in January 2021 led by Autotech Ventures with participation from I2BF, Fission Ventures, and Plug and Play Ventures.
Stockman says the company will put its new cash infusion to use to build Newtrul’s platform to force the kinds of change he believes will benefit the shipping industry by breaking some bad old practices.
“What we typically see from a lot of our brokerage clients is they may have 15,000 trucking companies set up and have used 300 in the past year, so just within their own network it’s like finding a needle in a haystack finding the right truck,” said Stockman. “They need better technology to manage their relationships and we plan to not only build this but give it away for free as it all supports the greater grandiose vision of digitizing a transaction.”
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
