Cargo, a US-based in-car service provider backed by packaged food producer Kellogg, has received $22.5m in funding according to a securities filing.
Founded in 2016, Cargo runs a service that enables marketers to place samples of consumer products like food or drinks in the vehicles used by ride hailing companies such as Uber, Lyft and Grab. Drivers get commissions on orders and sales made through the lifts.
The company raised $5.5m in a follow-on seed round featuring Kellogg subsidiary Eighteen94 Capital, CRCM Ventures and Techstars Ventures in January this year, and the filing indicates VC firm Founders Fund is likely among the 39 participants in the latest round.
Techstars, Fontinalis Partners, Rosecliff Ventures and Detroit Venture Partners had invested an initial $1.75m in Cargo in July 2017, and the startup has identified Gramercy Fund, Ride Ventures and Bleu Capital as additional backers.
