Minneapolis, MN, November 28, 2018 - DispatchIt, Inc out of Bloomington, MN has completed a Series A investment round by securing $7.8 million. This brings the total amount raised to $10 million in 10 months from local and national investors. The round was led by lead investor, Trinity Private Equity Group along with continued support from previous investors such as Great North Labs.
When Dispatch was built in 2016, Andrew Leone co-owned a company that distributed HVAC parts, offering job-site delivery. Leone found that owning a fleet of delivery trucks and employing full-time drivers wasn’t efficient. The alternative plan of relying on traditional couriers created a whole new set of problems. From that frustration, the idea for Dispatch was born.
An app was conceived that would allow Leone’s customers to order parts and watch as a contracted driver took the job and delivered the part with the kind of real-time transparency of Uber or Lyft.
Now with their Series A complete, co-founders Andrew Leone and Ryan Hanson can take their expanding business from 6 markets to 30. Leone said “We are experiencing 600% year over year growth and are excited to continue our expansion across the country. The ability to increase the value to our already amazing client base is huge and will take us from an existing 1,000 customers to 10,000 in the year 2019!”
Trinity Private Equity Group has over $2B in holdings and is based in Southlake, TX. Sage Harrison, Principal at Trinity, said “We were attracted to this investment because Dispatch is solving a multi-billion dollar problem that affects thousands of businesses around the globe. Their technology is exciting and effective, but the team’s ability to capture growth is what solidified our decision to invest.”
What makes Dispatch unique is the industry that it serves. The industrial delivery space has used traditional couriers for decades but those courier services lack the on-demand, transparent service that this type of industry needs in order to thrive and complete deliveries in the timely fashion their customer demands.
With this additional funding, Leone and Hanson will not only be able to expand their reach across the nation but also hire the talent needed in order to do so including Sales, Customer Success and Engineering.
We view this investment as an endorsement of our team’s ability to execute and cannot wait to expand the team further” said Hanson.