Cargomatic Speeds Along With $2.6 Million FundingWednesday, June 25, 2014
Cargomatic, the trucking industry’s version of Uber, launched this week after raising $2.6 million in early-stage funding.
The company, which connects shippers with local carriers, said it was poised to disrupt the $70 billion local trucking industry by changing the traditional business-to-business model used for decades. Cargomatic’s app links shippers directly to drivers with underutilized truck capacity.
“We’ve democratized this technology now,” said Chief Executive Jonathan Kessler. “Now the small guy can do business with the large guy.”
Morado Ventures, SV Angel and Sherpa Ventures led the combined seed and bridge round, along with Winklevoss Capital, Acequia Capital, Structure Capital and other investors.
The Venice company has been in beta stage since January, and said it has already fulfilled thousands of orders across the region. And there are already plans for expansion into the East Coast, which Kessler said is set to happen in the next quarter.
“I call it ‘scaling and replicating,’” Kessler said. “We’re scaling the company and replicating it all over the world, taking what we have in L.A. and continuing to see its growth.”