Cargomatic Raises $8 Million in Series A Funding to Accelerate the ‘Uberization’ of Local Trucking
Led by Canaan Partners, this financing will help streamline the $70 billion dollar local U.S. trucking industry
Cargomatic, the app that instantly connects local shippers with local truckers, today announced the close of their $8 million dollar Series A investment led by Canaan Partners. Canaan joins other investors including Volvo Group Venture Capital, Rob Estes of Estes Express, Morado Venture Partners, SV Angel, Sherpa Ventures, Winklevoss Capital, Structure Capital, Nicolas Berggruen, Scott Banister, Fritz Lanman, and Hank Vigil.
Cargomatic is improving the local trucking industry for both shippers and small-fleet trucking companies by modernizing the way B2B transportation logistics are handled. Local trucking is a $70 billion industry in the U.S., and small-fleet trucking companies handle 80 percent of deliveries in metropolitan markets. Cargomatic’s easy-to-use desktop and mobile app streamlines this space by giving shippers access to available truck capacity and trusted, affordable drivers. It also enables truckers to fill underutilized space on their trucks and make more money in the process. The environment benefits too; more efficient driving routes means less traffic and fuel consumption.
To see a video of how Cargomatic works, visit: https://www.youtube.com/watch?v=X06q76Bo10A
“We are thrilled to have the backing of Canaan Partners as we transform the local trucking industry nationwide,” said Cargomatic CEO Jonathan Kessler. “Canaan Partners has backed many other notable on-demand marketplaces, like Instacart, Lending Club, Washio, and Relay Rides, and their experience and insight will be a true asset. We look forward to continuing to build the definitive technology platform for world-class, local trucking.”
Since launching in early 2014, Cargomatic has helped bring much-needed efficiency and transparency to local trucking. The company has already aided the expedition of tens of thousands of deliveries throughout Southern California and metropolitan New York City. With this round of funding, Cargomatic will expand its service to other transportation hubs around the country. In addition to geographic expansion, Cargomatic plans to improve the platform’s user experience and hire additional employees to support continued growth.
“Cargomatic has the potential to transform the way the trucking and shipping industries operate. Trucking has long been an essential part of how business gets done, and the Cargomatic platform provides a win-win scenario for businesses who need to ship goods locally, and for truckers who have available capacity. We are really looking forward to taking this ride with Cargomatic,” said Canaan Partners’ Hrach Simonian, who will be joining Cargomatic’s Board of Directors.
Canaan Partners has also invested in several other Los Angeles-based companies, including Metacloud (acquired by Cisco), Realty Mogul, and Washio and plans to continue sourcing the growing entrepreneurial ecosystem in ‘Silicon Beach.’
To learn more about or sign up for Cargomatic, please visit www.cargomatic.com.
Cargomatic is headquartered in Venice, California -- the heart of Los Angeles’s thriving ‘Silicon Beach’ -- and helps bring the sharing economy to business-to-business logistics by instantly connecting local shippers with trusted local truckers. (http://www.cargomatic.com)
About Canaan Partners :
Canaan Partners is a global venture capital firm that invests in entrepreneurs with visionary ideas. With $4.2 billion under management and over 160 exits to date, Canaan has funded some of the world’s leading technology companies. Recent exits include Lending Club, Ebates, and Skybox Imaging, as well as healthcare stars like Chimerix, Durata Therapeutics and Civitas Therapeutics. Current technology investments include Cardlytics, Instacart, Kabam and SOASTA, and current healthcare investments include Arvinas, CytomX, ChronoThera and Truveris. For more info, visit canaan.com.
( Press Release Image: http://photos.webwire.com/prmedia/42381/195238/195238-1.png )
- Contact Information
- Brian Byrnes
- PR Contact
- Agency Byrnes Communications
- (1) (305) 433-0190
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.