Cargomatic, the US-based operator of a trucking logistics platform, closed a $35m series B round backed by short line railroad operator Genesee and Wyoming today.
Private equity firm Warburg Pincus led the round through unnamed affiliate funds, while Canaan Partners, Xplorer Capital and Muse Family Enterprises also provided cash.
Founded in 2013, Cargomatic has developed a mobile app that connects truck drivers with local clients for short-haul freight delivery, also providing real-time information on available shipping capacities and allowing for the GPS tracking of goods.
The funding will go to Cargomatic’s expansion efforts and the recruitment of additional staff to support those plans. The company’s offering currently covers the cities of Chicago, Dallas, Florida, Houston, Los Angeles, New York, San Francisco and Seattle.
Genesee and Wyoming supplied an undisclosed amount of funding for Cargomatic in February 2018 when it entered into a strategic partnership agreement, though it is not clear whether that investment formed part of the series B round.
Cargomatic had previously received $8m in a 2015 series A round led by venture capital firm Canaan Partners and backed by Volvo Group Venture Capital, the corporate venturing unit of car and truck manufacturer Volvo.
Morado Venture Partners, SV Angel, Sherpa Ventures, Structure Capital, Winklevoss Capital and assorted private investors also took part in the series A round.
The company had secured $2.6m in seed and bridge financing from Morado, SV Angel, Sherpa Ventures, Winklevoss Capital, Acequia Capital, Structure Capital and assorted angel investors in 2014.