Announcing Dorm Room Fund’s Investment in Veho Technologies

Dorm Room Fund is thrilled to announce our investment in Veho Technologies, a crowd-sourced package delivery solution for the last mile.

What is Veho?

With e-commerce purchases exploding, large delivery companies are facing rising delivery costs because they increasingly have to drop off packages at the doors of millions of individual consumers. On the consumer side, the package delivery experience can be frustrating if they’re not home to receive packages.

Veho set out to reinvent last mile package delivery. Instead of traditional delivery trucks, crowd-sourced drivers deliver packages using their private vehicles and Veho’s app, which provides a complete tech solution for anyone to become a delivery driver. While this is happening, consumers get a friendly text message linking to a page that shows when their package is arriving, who is delivering the package, and an option to add delivery instructions.

Why we invested?

We met co-founders Itamar Zur and Matt Graham, both expected to receive their MBA from Harvard Business School in May, when they were about to kick off a pilot with one of the country’s leading regional carriers for package delivery. After many 6AM trips to the carrier’s warehouses, Veho and a group of drivers successfully delivered thousands of packages with zero complaints. They’re now scaling to a city level in Boston.

Along the way, the team has proven several hypotheses they set out to investigate:

• Consumers value the service and want more visibility, transparency, and control over the delivery process
• Traditional delivery companies see their service as a significant value add
• The model has strong economic fundamentals

We also love that Itamar and Matt were able to get talented people to work with them. To develop their driver app and consumer experience, they quickly brought on experienced entrepreneur Lukas Keindl to serve as CTO and co-founder. In addition, they’ve landed former CEO of FedEx Supply Chain Tom Schmitt as an advisor and investor and CEO of LSO (a large delivery company in the South) as an advisor.

We’re looking forward to working with Veho to change delivery!

Visit Veho at veho-technologies.com.