Cargomatic Gets $8 Million To Build An Uber For Truckers
Summary
Like other on-demand services, Cargomatic vets drivers who sign up, reviewing their commercial licenses and insurance to ensure they have everything they need to transport another company’s goods. Shippers are asked to enter their credit card or ACH information, which Cargomatic uses to pay out truckers shortly after a job is completed. The company hopes to reduce that friction in the market by giving shippers a way to quickly get their goods shipped while also increasing income for truckers by making them aware of jobs that are available. Having Canaan on board should help, as the firm has invested in a number of marketplace startups and generally understands the dynamics involved in making them successful. Kessler believes having Volvo’s venture group invested could provide some side benefits in helping it market to truckers.
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