Investment bank Goldman Sachs has led a $20m series C round for Brazil-based trucking services provider CargoX, with backing from logistics provider Ability Logistics and semiconductor producer Qualcomm.
Investment firm Valor Capital Group, fund manager Soros and Uber co-founder Oscar Salazaer also contributed to the round. Qualcomm invested through its corporate venturing arm, Qualcomm Ventures.
Now in its second year of operation, CargoX has developed a data science platform that helps truck drivers make use of their excess capacity to carry additional cargo and avoid empty return trips.
More than 250,000 truck owners and operators use the service, and the company is currently growing by more than 500% year on year. It has raised a total of $34m in funding to date.
The company secured $10m in a July 2016 series B round that included Goldman Sachs, Ability Logistics, Valor Capital, Lumia Capital and private investors Oscar Salazar and Hans Hickler. Valor had led its $4m series A round earlier in the year.
CargoX CEO Federico Vega said: “We have developed a platform with a network of thousands of truck drivers, collecting data in real time and helping improve efficiencies by stopping trucks that are travelling empty and building trust with the business community.
“The new funding will enable us to scale our business in Brazil and globally and revolutionise the transport of cargo. It also shows trust in the innovation that has helped us disrupt one of the largest and most traditional sectors of the economy.”