Trucking Platform SmartHop Raises $30M, Plans Expansion

Freight, fleet management, trucks

Smart trucking platform SmartHop announced Wednesday (April 6) it’s poised to expand following a $30 million Series B funding round.

The Miami company said in a press release that it will use the funding to scale its platform and expand its team, with efforts “geared towards helping independent carriers and owner-operators maximize profits, minimize downtime and increase control over their business.”

Founded in 2018 by Guillermo Garcia, who had worked in the trucking industry in his native Venezuela, and Miguel Sucre, SmartHop’s platform gives small truck fleets and owner-operators products for dispatching, payments, fuel management, leasing and insurance.

“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,” said Garcia, who is also the company’s CEO. “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.”

The round was led by Sozo Ventures, a Silicon Valley-based firm whose portfolio includes Zoom, Twitter, Square and Coinbase. Also participating were venture capital firm USV and RyderVenture, the corporate capital venture arm of Ryder System, Inc, whose first investment was in SmartHop’s $12 million Series A round last year.

The demand for solutions for the trucking industry was highlighted earlier this year by the announcement that BasicBlock, a FinTech that provides financing for the industry, had closed a $78 million debt and equity funding round.

Read more: Truck Financing FinTech BasicBlock Raises $78M

BasicBlock began as a trucking document capture tool that allows truckers to scan and send documents but has since evolved to become a payment platform for carriers.

“Ninety-six percent of commercial trucking companies in the U.S. have less than six trucks, and one of their biggest pain points is access to capital,” BasicBlock CEO and Co-founder Taylor Monks said at the time.