CargoX, a Sao Paulo, Brazil-based technology company that offers trucking services for corporations, secured $20M in Series C funding.
The round was led by Goldman Sachs with participation from Soros, Qualcomm Ventures, the investment arm of Qualcomm Incorporated, and follow-on investment from Agility Logistics, Valor Capital Group and Oscar Salazar (Co-Founder of Uber).
The company intends to use the funds to accelerate technology development and to scale its business in Brazil and globally.
This Series C funding round follows CargoX’s Series A and B rounds in which the company raised a combined $14M, bringing its total funding to date to $34M.
Launched in March 2016 and led by Federico Vega, CEO, CargoX is a tech driven trucking service provider which leverages existing excess trucking capacity to reduce costs and improve freight visibility.
The company, which currently serves over 250,000 truck owner operators helping them make use of their excess capacity and avoid empty return trips, guarantees the high quality of its network, processes payments, and offers freight insurance. It also enables monitoring of trucks via mobile tracking /GPS and automatation of manual processes associated with the trucking business.