SmartHop, the Miami-based tech-for-trucking startup, has raised $12 million to grow its full-service dispatching platform that helps small trucking companies work smarter, not harder.
The Series A round was led by prominent New York venture fund Union Square Ventures. RyderVentures, which announced a $50 million corporate venture fund last year, also participated, choosing SmartHop for its first fund investment. The round also includes Equal Ventures, Greycroft and SmartHop’s original investor, Las Olas Venture Capital. This follows SmartHop's $4.5 million seed round last year, bringing the total raised to $16.5 million since its 2018 launch.
SmartHop, led by CEO and co-founder Guillermo Garcia (pictured above), has created a tech-enabled dispatch solution that helps owner-operators of small trucking companies grow their businesses. It’s an AI-powered “business in a box” that helps owner-operators compete with the big carriers by reducing operational costs, streamlining booking and providing access to the vast broker networks previously only available to large carriers. Turns out that is a very large market: The U.S. trucking industry is a $791.7 billion industry, according to the American Trucking Association's 2019 data, and 91% of tthe country's rucking companies operate with fewer than six trucks.
“SmartHop is utilizing technology to create opportunity for truckers, a massive and essential workforce, by giving individuals and SMBs the tool sets that they previously couldn’t access and creating a network that allows each node to be stronger by being a part of it," said Rebecca Kaden, Union Square Ventures managing partner, in a statement. "They have seen fast and strong resonance with their customer and have only cracked the surface of what they can offer.”