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Goldman Sachs Invests $10 Million in Brazilian Trucking Startup CargoX

Another Investment by Goldman Sachs!

Uber for Trucks: CargoX

CargoX, a Brazilian Trucking startup that is popularly known as “Uber for trucks,” recently raised $10 million in Series B round of funding to enable the company to accelerate its technology development. This will, in turn, help in advancing the business and changing the transportation ecosystem of Brazil. Cargo X is dedicated to transform the image of trucks. Federico Vega is the CEO of CargoX, a leading technology and data science company of Brazil providing truck services for corporations.

About the funding

The funding was led by Goldman Sachs with the participation of existing investors like Valor Capital Group, Agility Logistics, Lumia Capital and former DHL Express US CEO Hans Hickler and Oscar Salazar, co-founder of Uber. In Series A, CargoX raised a funding of $4 led by Valor Capital Group. Till now, the startup has managed to secure a total funding of $14 million.

Apart from the funding, Hillel Moerman, co-head of Goldman Sachs Private Capital, joins CargoX’s board.

CargoX Playing a Crucial Role in the Brazilian Transportation Ecosystem

The Brazilian transportation scenario is largely dependent on trucks. Cargo X has a network of 1.5 lakh trucks. Its team has the best, most creative and committed professionals from Brazil, Russia, Argentina and the USA.

Do you think CargoX will revolutionize the Brazilian Transportation Ecosystem? Kindly comment below.

Takeaways:

  • CargoX, a Brazilian Trucking startup that is popularly known as “Uber for trucks,” recently raised $10 million in Series B round of funding to enable the company to accelerate its technology development.
  • Till now, the startup has managed to secure a total funding of $14 million.

 

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