HopDrive Raises $8M in Series A Funding

HopDrive, a Richmond, VA-based supplier of quick distance automobile supply options for automotive dealerships, unbiased service facilities, and fleet administration firms, closed an $8m Series A funding.

The spherical was led by Cox Enterprises, Inc., dad or mum firm of Cox Automotive, Inc., with participation from earlier lead investor Overline, automotive logistics platform ACERTUS, and Ally Ventures.

The firm intends to make use of the funds to speed up growth of its know-how platform, to make key hires to assist its buyer base, and to gas a big improve in its nationwide footprint.

Founded in 2018 by Nick Mottas, CEO, HopDrive gives automotive companies with an answer for brief distance automobile transportation. Common use circumstances embrace concierge service appointment pickups, at-home shopper take a look at drives, automobile buy deliveries, and extra, all executed on demand with the platform. In 2022, the corporate doubled its geographic footprint from 4 to 9 markets, together with Richmond, Charlotte, Raleigh-Durham, Atlanta, Philadelphia, Chicago, Phoenix, Dallas, and Houston. HopDrive plans to develop to Orlando, Baltimore, and Nashville in the subsequent 90 days, and to a complete of 20 extra markets over the subsequent two years.

Along with the funding, the corporate additionally introduced the addition of Joe Kichler, vice chairman and normal supervisor of Manheim Logistics, a Cox Automotive model, and automotive trade veteran David Metter to its Board of Directors.

FinSMEs

25/01/2023

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