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CargoX secures funding to advance technology development

LBR Staff Writer Published 10 November 2017

CargoX, a technology firm that provides trucking services for corporations, has secured a funding of $20m to advance its technology development.

The company has received series C round funding from investors such as Goldman Sachs, Qualcomm Ventures and Soros.

It also included a follow-on investment support from Agility Logistics, Valor Capital Group and Oscar Salazar (co-founder of Uber.)

In the series A and B rounds, the company gathered a combined $14m, bringing the total fund to around $34m.

Launched in March 2016, CargoX provides heavy duty trucking services for corporations and allows around 250,000 truck owner operators to make use of their excess capacity and avoid empty return trips.

The company manages the trucking network and processes payments, as well as freight insurance.

The firm’s technology enables better monitoring of trucks through mobile tracking /GPS and to automate manual processes associated with the trucking business.

Goldman Sachs private capital investing group co-head Hillel Moerman said: “Freight is one of the biggest drivers for any economy and particularly for Brazil, which hosts the world’s third largest trucking market after the US and China.

“CargoX has experienced impressive growth and we are excited to provide further funding to support continued growth.”

CargoX CEO Federico Vega said: “CargoX has leveraged world class technology and design to operate as a transportation company with no assets.”