US-based freight delivery company Cargomatic has raised $8m in a series A round featuring Volvo Group Venture Capital, the corporate venturing unit of car maker Volvo, L.A. Biz reported yesterday.
Venture capital firm Canaan Partners was lead investor in the round, which included Morado Venture Partners, SV Angel, Sherpa Ventures, Structure Capital, Winklevoss Capital and several angel investors.
The company previously raised $2.6 million in June 2014 from a combined seed and bridge round co-led by Morado, SV Angel and Sherpa. They were joined by Winklevoss Capital, Acequia Capital, Structure Capital and additional angel investors.
Cargomatic has developed an app to connect truckers with local users wanting to transport freight. It will use the series A funding to expand across from Southern California and New York City to the rest of the US, as well as improve its platform and hire more staff.
Hrach Simonian, partner at Canaan, said: “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.”