CargoX, a São Paulo, Brazil-based provider of trucking services for corporations, raised $10m in Series B funding.
The round was led by Goldman Sachs with participation from Valor Capital Group, Agility Logistics, Lumia Capital, and existing investors Oscar Salazar (Co-Founder of Uber) and Hans Hickler (former CEO of DHL Express US). In conjunction with the funding, Hillel Moerman, co-head of Goldman Sachs Private Capital, joined CargoX’ board.
The company, which has raised $14m to date, intends to use the funds to accelerate technology development and continue scaling the business.
Led by Federico Vega, CEO, CargoX offers trucking services for corporations, which employ technology and data science to reduce costs by making use of truck’s existing excess capacity and improving freight visibility via mobile tracking / GPS.
The company, which currently enables over 150,000 trucks owner operators to make use of their excess capacity and avoid empty return trips, guarantees the quality of its trucking network, processes payments, and offers freight insurance.