Nuvocargo, a NYC-based digital platform for US/Mexico trade, raised $20.5M in funding.
The round was led by Tiger Global Management, at a $180M valuation. with participation from The Flexport Fund, the COO of $8.7B LatAm startup Kavak, and existing major investors QED Investors and NFX. Prior Nuvocargo investors include David Velez, founder of Nubank (valued at $30B+), the cofounders of Deel ($5B), Rappi ($5B), Ramp ($4B), Loft ($3B), Y Combinator, among others. This additional funding brings Nuvocargo’s total raised to date to $37.8M since its launch in late 2019.
The company intends to use the funds to ramp up its investment pace in Latin America and in logistics and supply chain.
Led by Deepak Chhugani, Founder and CEO, Nuvocargo is a digital platform for cross-border trade offering freight forwarding, customs brokerage, cargo insurance and supply chain financing. It combines technology with a team of experts to integrate end-to-end movement of cargo in a single platform. The company is also announcing the launch of the first of a series of financial products it is building – QuickPay for carriers, which is a cash advance product for the truckers in Nuvocargo’s marketplace.
Since announcing Nuvocargo’s Series A in April, revenues have grown ~3x, and the team has grown from 30 employees to 80. Nuvocargo expects to grow the team to over 200+ employees across USA and Mexico and generate tens of millions of dollars in annual revenue in 2022. Nuvocargo is on track to close 2021 with 5x revenue growth vs. 2020.