Cargo, a NYC-based in-car commerce platform for the rideshare economy, raised $5.5m in seed preferred financing.
Backers included eighteen94 capital, Kellogg Company’s venture capital fund, Techstars Ventures, Fontinalis Partners, Detroit Venture Partners, Rosecliff Ventures, RiverPark Ventures, and Chaifetz Group.
The company, which has raised $7.3m in total funding, intends to use the capital to expand beyond test markets New York, Chicago and Boston.
Led by Cargo CEO and Founder Jeff Cripe, Cargo provides a hardware and software-enabled in-car commerce platform that lets drivers earn additional income by distributing snacks, electronics, beauty, and personal care items to passengers. Drivers can earn up from commissions, referrals, and performance bonuses, while increasing their ratings.
Since launching in June, 19,000 drivers have signed up for Cargo across 50 states, 23 countries, and six continents. Progressive global CPG companies like Kellogg Company and Mars Wrigley Confectionery as well as new brands like RXBAR, Leaders Cosmetics USA, Blowfish for Hangovers, and Pure Growth Organic use Cargo as a marketing and distribution channel to reach millennial passengers.