Richmond’s HopDrive raises $8M Series A round

Transportation company HopDrive said Tuesday it has raised $8 million in Series A funding and plans to use the money to expand into new markets.

The round was led by Atlanta’s Cox Enterprises Inc. and included participation from Atlanta venture capital firm Overline, St. Louis automotive logistics firm Acertus and Ally Ventures.

Richmond-based HopDrive provides a concierge service for fleet management companies, auto dealerships and others in the transportation sector. HopDrive’s drivers move vehicles from one location to the next, not people. The company operates in nine markets.

“We are going to target a minimum of 20 markets open over the next 24 months,” said Nick Mottas, co-founder and CEO.

The company operates mostly on the East Coast but also has a presence in Houston, Dallas, Phoenix and Chicago. Mottas said the company is not sure exactly where the expansions will happen, because it still is working with several partnerships. It hopes to have Baltimore, Orlando, Florida,…

Read the full story from the Washington Business Journal.

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