CargoX; Soros Receives 20 Million USD Investment From Goldman Sachs and Qualcomm Ventures
Brazilian startup CargoX announced that it has secured financing in a Series C investment round of 20 million USD to accelerate technology development. In this investment round, in which Goldman Sachs is the leading investor, the investments of Soros and Qualcomm Ventures, the investment arm of Qualcomm Incorporated, were followed by the investments of Agility Logistics, Valor Capital Group and Oscar Salazar (Uber’s co-founder). CargoX has increased the total investment amount it has received to date to 34 million USD, with the financing of 14 million USD in the Series C investment round, which took place after the Series A and Series B rounds.
CargoX was founded in March 2016, when the biggest economic and political crisis in Brazilian history was ongoing. Operating for over a year, CargoX continues to increase its service capacity to reduce transportation costs and improve load traceability, thanks to its superior combination of technology and expertise in data science. The company has become one of the highest-earning transportation service providers in an addressable $100 Billion market, growing 500% in its second year of operation compared to the first year. CargoX also signed a partnership agreement with Unilever.
Hillel Moerman, co-chairman of Goldman Sachs Private Equity Investment Group, said of the CargoX investment; “Freight is one of the biggest drivers for the economies of the countries and especially for Brazil, which is home to the third largest truck market in the world after the USA and China. CargoX has experienced impressive growth and we are excited to be providing more resources to support this continued growth.”
Federico Vega, CEO of CargoX , commented on the state of the company and the investments received, “ CargoX has provided the development of a world-class technology and design to operate as a freight forwarder without transportation assets. We have developed a networked platform with thousands of truck drivers, collecting data in real time, helping to increase efficiency and stopping trucks on the empty road and building trust for the business world. The new financing will enable us to scale our business in Brazil and around the world and revolutionize cargo shipping. It also demonstrates the confidence in innovation that is reshaping one of the largest and most traditional sectors impacting the economy.”
Source: TechnCrunch , BusinessWire