SmartHop raises $30 million
SmartHop, a company offering a range of solutions for truckers, has raised $30 million in Series B financing. The round was led by Sozo Ventures with participation from existing investors Union Square Ventures, RyderVentures, Greycroft, Equal Ventures, Las Olas VC and The Fund. Additional participants in the round include logistics industry veterans Robby Nathan, founder and CEO of LoadDelivered; Jett McCandles, founder and CEO of project44; Andrew Leto, founder and CEO of Emerge; Craig Fuller, founder and CEO of FreightWaves; and Jason Duboe, Chief Growth Officer at project44; and Alumni Ventures.
The Miami-based company describes itself as the only complete solution in the market that makes it easier for truckers to run a profitable business without sacrificing independence. The SmartHop platform provides small fleets and owner-operators with tech-driven products for dispatching, payments, fuel, lease, and insurance, giving them access to “the best rates and better capabilities than leading carriers.”
“The supply chain nightmares of the past two years have hammered home the crucial role truckers play in the global economy, yet the vast majority of them are hobbled by an antiquated and grossly inefficient system. Through its impressive technology platform, vast partner network and stellar team of industry veterans, SmartHop makes it possible for small truckers to work better and get paid better. That’s good news for them, and for all of us who depend on their hard work and many sacrifices.” – Spencer Foust, managing director at Sozo Ventures.
“Trucking is a difficult job for anyone, but for decades it has been especially challenging for smaller trucking companies, leading to burnout and driver churn which, given their crucial role in the nation’s supply chain, has negatively impacted our economy. Since day one we’ve been laser-focused on supporting small fleets and owner-operators with a single technology platform, and our exceptional growth over the past year indicates SmartHop is not only helping level the playing field but also making their jobs easier and helping their business thrive. Our investors share our common belief that technology can transform industries and positively impact major markets and we’re eager to continue our push to reshape how truckers make a living.” – Guillermo Garcia, co-founder and CEO of SmartHop.
