SmartHop raises $12 million
SmartHop, the 2017 founded company that enables businesses to truck smarter not harder, has announced a $12 million Series A financing round led by Union Square Ventures, RyderVentures, and Greycroft. This round of funding piggybacks off of SmartHop’s July 2020’s $4.5 million seed round which was led by Greycroft, Las Olas VC, and Equal Ventures.
SmartHop’s solution enables smaller trucking businesses to make their routes more efficient by reducing operational costs, streamlining load booking and providing access to the “vast broker networks previously only available to large carriers.” The full-service trucking technology links small owner-operators with everything they require, namely freight dispatch and load booking, back-office support, fuel, leasing, load factoring, and insurance.
The company claims that by providing data visibility into a driver risk profiles to its insurance partners, it can then present customers with insurance costs roughly 13% lower than retail prices.
“The past year was an especially challenging one for small and independent truckers, essential parts of the country’s economy, who already were facing significant challenges in competing against large carriers and high rates. We created SmartHop to help these businesses thrive, and the need for our platform is stronger than ever today,” said Guillermo Garcia, co-founder, and CEO of SmartHop. “This fundraising round will enable us to continue growing our network and enhance our product and team to meet the urgent and evolving needs of small owner-operators so they can retain the control and freedom that brought them to the trucking market.”
“USV is focused on opportunities to build and leverage unique networks that in turn broaden access,” said Rebecca Kaden, managing partner at USV. “SmartHop is utilizing technology to create opportunity for truckers, a massive and essential workforce, by giving individuals and SMBs the toolsets that they previously couldn’t access and creating a network that allows each node to be stronger by being a part of it. They have seen fast and strong resonance with their customer and have only cracked the surface of what they can offer. We are thrilled to work with the SmartHop team in this next stage of growth.”