Brazil-based trucking services provider CargoX has secured $10m in a series B round led by investment bank Goldman Sachs that also featured logistics company Ability Logistics.
The round also included Valor Capital, Lumia Capital and private investors Oscar Salazar and Hans Hickler. Valor previously led CargoX’s $4m series A round, while Ability, Lumia, Salazar and Hickler also participated in the series B as existing investors.
CargoX operates a data science platform that helps heavy-duty truck drivers make use of their excess capacity to carry additional cargo and avoid empty return trips. It has around 150,000 owners or operators of trucks in its network and offers clients freight insurance and payment processing.
Federico Vega, chief executive of CargoX, said: “CargoX is about leveraging great technology and world-class design to stay connected with a network of thousands of truck drivers in real time.
“The new funding will enable us to build the next iteration of our platform to continue scaling our business and revolutionise the transport of cargo, bringing innovation and strong meritocratic business culture to one of the largest and most traditional sectors of our economy.”
Hillel Moerman, co-head of Goldman Sachs Private Capital, will join CargoX’s board of directors in conjunction with the round.