The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has led a new round of investment in PockitShip, the Uber-like, on-demand pickup and delivery service targeting the heavy goods shipping market.
PockitShip is the vision of Steve Senkus, a 21-year logistics veteran, who saw a void in the marketplace where customers were looking for an on-demand shipping service that provides across-town or across-country deliveries of furniture, appliances, fitness equipment and other heavy consumer goods. The current options are do-it-yourself moving or hiring expensive moving and storage companies. Moreover, expensive and fragmented traditional shipping channels make it very difficult for consumers to safely and efficiently choose a quality shipping provider.
Using PockitShip's proprietary technology and leveraging his unique network of more than 4000 delivery drivers throughout the U.S., Steve Senkus launched PockitShip's web-enabled and easy to use service this year in the Washington, DC-area and is planning to scale quickly throughout the U.S. Senkus brought on Garrett O'Shea, an 18 year marketing veteran, as President last year to lead the charge.
Pete Jobse, CIT President and CEO, said, 'With PockitShip, Steve Senkus has introduced a simple but innovative idea that will disrupt a multi-billion dollar industry, creating opportunities for both consumers and retail marketers alike. These are the type of people and companies we look to invest in.'
The home delivery market for new retail large products was $8 billion in 2013 and is estimated to be $10 billion in 2015 with a compound annual growth rate of 6%. PockitShip estimates that the secondary market of used retail large products is at least $30 billion and is growing at a faster pace because of sites such as Craigslist, eBay and similar virtual marketplaces. PockitShip will target both markets, specifically store to home programs of large box brick and mortar retailers and home-to-home transactions of secondary goods.
Steve Senkus, PockitShip CEO, said, 'We are excited to receive this investment from the CIT GAP Funds, which we will use to enhance our mobile app and our marketing initiatives.'
Tom Weithman, CIT GAP Funds Managing Director, said, 'The CIT GAP Funds is a crucial public-private investment vehicle that helps innovative entrepreneurs like Steve Senkus launch the new innovative startups that are creating the new Virginia economy.'
The CIT GAP Funds has invested $16 million to help develop nearly 130 high-growth new startups, which were then able to attract an additional $286 million in private equity investments. For more information on the CIT GAP Funds, click here.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been Virginia's primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT's CAGE Code is 1UP71. To learn more, please visit http://www.cit.org. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources.