HopSkipDrive announced a newly-secured investment deal with venture capital firms UpFront Ventures and FirstMark Capital as lead investors.
The Series A funding, which allowed the company to gain $10.2 million, saw a number of noteworthy participants: existing investors such as 1776 and BBG Ventures, as well as new investors that include Pritzker Group Venture Capital and Greycroft Partners.
The Los Angeles-based company also managed to raise $3.9 million in seed funding. It plans to use the new investment as part of its continuing effort to expand services beyond Los Angeles and to empower the company's product development team.
"We are excited to announce that we have secured the funding to do just that," said co-founders Joanna McFarland, Carolyn Yashari Becher and Janelle McGlothlin of HopSkipDrive. "With a new investment of $10.2 million, we are growing our group of investors, our team, and most importantly our opportunity to help families get their kids where they need to go safely and reliably. We are thrilled to bring our trusted ride service to millions more families in Southern California and beyond."
HopSkipDrive aims to help parents fulfill their responsibility of bringing their kids where they need to go while balancing a busy schedule at the same time. Since the founders are all experienced professionals as well as full-time moms, they understand how other parents could really use some help in dealing with the hectic work of being a parent.
"Families across Los Angeles have shared with us what a relief HopSkipDrive has been for them - in addition to getting kids to and from school and activities," said HopSkipDrive. "We are so proud that we are making life a bit easier for our riders, their families and our CareDrivers."
According to the company, most of its clients use HopSkipDrive several times a week. Moreover, the top 25 percent of its customers reveal that they use the service several times a day.
In terms of screening its drivers, HopSkipDrive said it has developed a comprehensive screening process wherein aspiring drivers must pass several steps and criteria. These include a thorough background check; a clean driving record; more than five years of experience in child care (being a parent is also counted); more than 23 years of age; possession of a 2006 model of car or newer and proof of insurance and references.
HopSkipDrive also announced that Eyal Gutentag, former general manager of Uber in Los Angeles, will also join the company as its COO.
Apart from its plans to expand services beyond Los Angeles in the future, the company also sees potential groups that could benefit from the security of its ride-booking platform, such as seniors or riders who have special needs.
