A group of investors has provided $8.5 million in funding to Dropoff Inc., the delivery company said.
The equity infusion will enable Austin, Texas-based Dropoff, which specializes in same-day, last-mile deliveries, to expand its U.S. network to 50 cities, the company said. Dropoff recently added San Diego; Fort Worth, Texas; and Nashville, Tenn., bringing to 15 the number of U.S. markets it serves.
The financing round is being led by Atlanta-based Fulcrum Equity Partners. James Douglass, a Fulcrum partner, will join Dropoff's board, as will Scott Dorfman, a retail and e-commerce veteran who was CEO of a company called Innotrac, which merged with e-commerce firm eBay Enterprise to form Radial.
The announcement of the financing was made Monday.