Brazil-based trucking services provider CargoX has received $60m in funding from investors including Qualcomm Ventures, the corporate venturing subsidiary of mobile semiconductor producer Qualcomm, Axios reported yesterday.
The round was led by private equity firm Blackstone, with participation from investment banking firm Goldman Sachs, investment manager Soros Fund Management and Oscar Salazar, co-founder of ride hailing service Uber.
Founded in 2016, CargoX has created an online logistics platform focused on the Brazilian market that matches businesses with truck drivers who have excess capacity, making trips more efficient and avoiding empty return journeys.
The company secured $20m in a series C round led by Goldman Sachs, with contributions from Qualcomm Ventures, logistics provider Ability Logistics, investment firm Valor Capital Group, Soros and Salazar, in November 2017.
Ability Logistics had already backed the company’s $10m series B round in July 2016 alongside Goldman Sachs, Valor Capital, Lumia Capital, Salazar and fellow angel investor Hans Hickler. Valor led its $4m series A round in January the same year.
The company is unrelated to Slovenia-based CargoX, which is developing blockchain technology to handle bills of landing, a legal document issued for every container boarding a cargo ship.