Brazil-based trucking services provider has secured $200m in a series F round co-led by internet and gaming group Tencent and internet and telecommunications conglomerate SoftBank, Brazil Journal has reported.
Tencent and SoftBank reportedly put a combined $150m into the round, with the remaining $50m being provided by venture capital fund manager Valor Capital Group, private equity vehicle Lightrock and multifamily office Oikos. It valued the company at $1bn post-money.
Founded in 2016, CargoX runs an online logistics marketplace that use machine learning to pair truck drivers with customers, seeking to maximise efficiency by selecting trucks that have excess capacity.
The company currently boasts more than 500,000 drivers in its network and will use the funding to further develop its technology and support an expansion into new South American markets. It also plans to bolster its financial services offering, which provides credit and insurance to truck drivers.
Investment bank Goldman Sachs’ Growth Equity unit took part in an $80m LGT Lightstone-led series E round for CargoX in April 2020 while Valor Capital, Farallon Capital and unnamed other investors also contributed to the round.
Chipmaker Qualcomm had invested in a $60m round for the company in 2018 through its corporate venturing unit, Qualcomm Ventures. The round was led by private equity firm Blackstone, which was also joined by Goldman Sachs, Soros Fund Management and Oscar Salazar.
CargoX had raised $20m the previous year, in a $20m series C round led by Goldman Sachs that also featured logistics provider Ability Logistics, Soros Fund Management, Valor and Salazar.
Goldman Sachs had also led the company’s $10m series B round, in 2016, which included Ability Logistics, Valor, Lumia Capital, Salazar and Hans Hickler, all of which had returned from an earlier $4m series A round.
