Cargomatic, Inc., a Long Beach, CA-based technology platform that connects shippers and carriers, closed a $35m Series B financing round.
The round was led by funds affiliated with Warburg Pincus, with participation from Canaan, Genesee & Wyoming, Xplorer Capital and Muse Family Enterprises.
The company intends to use the funds for its forthcoming geographic expansion efforts and hiring key employees to support its next phase of growth.
Founded in 2013 and led by Richard Gerstein, CEO, Cargomatic is a touchless technology-enabled transportation provider focusing on the fragmented short-haul and drayage trucking markets. Through its mobile application, the company connects shippers, receivers and carriers and eliminates the volume of calls, emails and faxes traditionally needed to book a transaction.
Cargomatic enables customers to track information in real-time, access or list untapped trucking capacity within the market, improve service levels – including pick up time and delivery rates – and manage outsourced vendors within one platform.
The company currently operates in Los Angeles, San Francisco, Chicago, Florida, Seattle, Dallas, Houston and New York, and has thousands of trading partners using its platform, including shippers, manufacturers, retailers and third-party logistics providers.