Richmond, VA, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Richmond, Va.-based Sweetie Boy Delivers, provider of services that help easily transport vehicles from one location to the next for dealerships and consumers. Sweetie Boy Delivers will use this investment to expand its sales and development teams to meet the needs of the ever-changing transportation industry, which has many pain points.
Shipping automobiles from point A to point B can be extremely cumbersome and involves many touchpoints, combined with multiple variables that are all handled with different systems and processes. Over the past few years, the auto industry had only scratched the surface of online sales and home delivery, and the COVID-19 pandemic forced the industry to adapt faster than expected. Sweetie Boy Delivers aims to provide an omni-channel, user-centric solution that eliminates roadblocks and streamlines transportation processes to simplify the car buying experience for dealerships and consumers.
“The COVID-19 pandemic brought many changes to the automotive industry in 2020 – dealership requests for digital purchasing increased dramatically, forcing dealers and manufacturers to quickly adjust,” said Tyler McCormick, President and CEO, Sweetie Boy Delivers. “Our mission is to provide dealers with a one-stop-shop transportation solution. With our experience and resources, we can alleviate the stress of dealing with logistics, while also maximizing a dealership's overall savings. We thank CIT GAP Funds for their support, which is allowing us to continue growing at a rapid pace to support our growing customer base.”
Sweetie Boy Delivers has positioned itself as a full-suite, car transportation manager and solution for any automotive dealer or retailer. Services offered on the platform include, but are not limited to at-home test drives, condition reports, vehicle home delivery, auto repair concierge, and even long-haul services for nationwide transportation. In 2020, Sweetie Boy launched its delivery service supported by on-the-ground employees and a fleet of 15 trucks for delivery in the Virginia market. The delivery service tapped local tow and hauling companies across the U.S. that operate on Sweetie Boy’s behalf.
“With more and more consumers looking to purchase cars online, Sweetie Boy Delivers has a great opportunity to make a splash in this market. Now that consumers know it’s possible to purchase their vehicle online and have it delivered to their driveway, they will never go back,” said Jennifer O’Daniel, Investment Director, CIT GAP Funds. “Sweetie Boy Delivers is a team of dedicated individuals willing to go above and beyond to create an unforgettable customer experience. We look forward to following their journey as a solution to help dealerships keep up with the evolving automotive industry.”
About Sweetie Boy Delivers
Sweetie Boy Delivers offers automotive dealers an all-inclusive solution for their transportation needs. Whether it’s across the country or a simple delivery to your customer’s driveway, we will deliver it for you. Our services include auction exchanges, dealer exchanges, home delivery, at-home appraisals, etc. For more information, please visit www.sweatieboydelivers.com.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. 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, 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. For more information, please visit www.cit.org/gap.
About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs, and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.
Attachments