How Much Did HopSkipDrive Raise? Funding & Key Investors

HopSkipDrive has successfully raised multiple rounds of funding, with the latest being a Series D round closed on September 13, 2022. The company is backed by 26 investors, including Cap Table Coalition and The Artemis Fund.

HopSkipDrive offers safe, supplemental student transportation solutions powered by advanced technology and a network of vetted CareDrivers. Keep reading to explore the intricacies of HopSkipDrive's fundraising journey and the investors backing this innovative platform.

What Is HopSkipDrive?

Founded in 2014, HopSkipDrive is a Los Angeles-based company specializing in child care, ride sharing, and transportation services. The company was established by Carolyn Yashari Becher, Janelle McGlothlin, and Joanna McFarland.

HopSkipDrive employs between 251 and 500 people and operates in 21 significant markets across 12 states. The company is known for its safe and reliable transportation solutions, particularly for school commutes, and has contracts with over 400 school districts.

How Much Funding Has HopSkipDrive Raised?

1. Series A
   • Amount Raised: $10.2M
   • Date: January 2016
   • Lead Investors: FirstMark, Upfront Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand market reach and enhance service offerings.
2. Series A
   • Amount Raised: $7.4M
   • Date: November 2017
   • Lead Investors: Student Transportation Inc.
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To improve technology and expand into new markets.
3. Series A
   • Amount Raised: $12.5M
   • Date: July 2018
   • Lead Investors: 1776 Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and enhance service capabilities.
4. Seed Round
   • Amount Raised: $4.3M
   • Date: November 2015
   • Lead Investors: 1776 Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To launch the platform and establish initial market presence.
5. Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: October 2018
   • Lead Investors: Disney Accelerator
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop new features and expand the user base.
6. Venture Round
   • Amount Raised: $1.5M
   • Date: September 2019
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support ongoing operations and market expansion.
7. Venture Round
   • Amount Raised: Not publicly disclosed
   • Date: July 2019
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To enhance service offerings and expand market reach.
8. Series B
   • Amount Raised: $22M
   • Date: February 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and improve technology infrastructure.
9. Series C
   • Amount Raised: $25M
   • Date: August 2021
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand into new markets and enhance service capabilities.
10. Series D
    • Amount Raised: $37M
    • Date: September 2022
    • Lead Investors: Energy Impact Partners, Keyframe Capital, FirstMark Capital, Alumni Ventures, Transform Capital
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To modernize and expand school transportation services.

Total Amount Raised: $109.9M. Current Valuation: Not publicly disclosed.

Key Investors

• Energy Impact Partners
  • Details: Energy Impact Partners is a global investment platform focused on leading the transition to a sustainable energy future. They manage over $2.5 billion in assets and have offices in New York, San Francisco, Palm Beach, London, Cologne, and soon Oslo.
  • Investment Focus Areas: Sustainable energy, venture, growth, credit, infrastructure.
  • Notable Investments: Arcadia, AutoGrid, Opus One Solutions.
• Keyframe Capital
  • Details: Keyframe Capital is an investment firm that focuses on transformative companies and technologies. They aim to drive innovation and efficiency in various sectors.
  • Investment Focus Areas: Technology, infrastructure, innovation.
  • Notable Investments: ChargePoint, Stem.
• FirstMark Capital
  • Details: FirstMark Capital is a venture capital firm that invests in early-stage technology companies. They have a strong track record of backing successful startups.
  • Investment Focus Areas: Consumer, enterprise, healthcare.
  • Notable Investments: Pinterest, Shopify, Riot Games.
• Alumni Ventures
  • Details: Alumni Ventures is a venture capital firm that provides individual investors with access to venture capital opportunities. They focus on companies with strong growth potential.
  • Investment Focus Areas: Technology, healthcare, consumer products.
  • Notable Investments: Beyond Meat, DraftKings, SpaceX.
• Transform Capital
  • Details: Transform Capital focuses on investing in companies that are creating significant social and environmental impact. They support high-growth companies and transformative technologies.
  • Investment Focus Areas: Social impact, environmental impact, high-growth companies.
  • Notable Investments: Andela, Kiva.

What's Next for HopSkipDrive?

HopSkipDrive is poised for significant growth as it continues to modernize and expand its school transportation services. With the recent $37 million Series D funding, the company plans to address bus driver shortages and optimize transportation plans using its RideIQ technology. This expansion into new markets and partnerships with over 400 school districts presents a substantial opportunity for growth.

Future fundraising opportunities are likely as HopSkipDrive scales its operations and enhances its technology. The increasing demand for safe, efficient, and tech-enabled school transportation solutions positions the company well for attracting further investment. However, challenges such as managing rapid growth, navigating regulatory requirements, and ensuring service reliability will need to be addressed to sustain this momentum.

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