Digital freight matching startup SmartHop plans to boost hiring and scale up its platform for small truck fleets thanks to a $30 million injection of venture capital that includes investments from a half-dozen marquee names in the logistics technology field, the firm said today.
The “series B” round was led by Sozo Ventures with participation from existing investors Union Square Ventures (USV), 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 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,” Spencer Foust, managing director at Sozo Ventures, said in a release. “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.”
The funding brings Miami-based SmartHop to a total of $46 million in funding following its $12 million round last year. The firm says its platform is designed to help independent carriers and owner-operators take control over their businesses while maximizing profits and minimizing downtime.
SmartHop leaders say their technology suite provides small fleets with tools for dispatching, payments, fuel, lease, and insurance, giving them access to the best rates and better capabilities than leading carriers. “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,” Guillermo Garcia, co-founder and CEO of SmartHop, said in a release.
Announcing #SeriesB! This $30 million investment will allow us to continue to grow SmartHop’s platform, customer base, and offering as we work hard to create better opportunities for independent #truckers. Learn more about the exciting news here: https://t.co/yDmcPhEaZn— SmartHop (@smarthop) April 6, 2022