CIT GAP Funds invests in PockitShip

cit fundsThe Center for Innovative Technology 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.

         
 

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Feedback from buyers: “Got the Book in the Mail Saturday, and could not put it down! Great read and great photography as well! Love all of the books I’ve received, but hands down, this is my favorite!” – Russell

Buy here.


augusta free press news
augusta free press news
augusta free press news


Comments