The smart trucking startup CargoX recently announced that it has raised $20 million in Series C funding led by Goldman Sachs. Currently, the Brazilian market is the main focus of CargoX, where it connects with businesses that require transferring with trucks having excess capacity. The startup’s goal is to help out truckers to gain more money whereas reducing transport costs for businesses.
Ahead of the basic data that CargoX uses to discover excess capacity; the company has also begun to integrate with GPS devices, providing customers more accurate information about where their cargo is at any certain moment.
CEO Federico Vega said “Ideally, you should have trucks that are never running empty once — and for the drivers, waiting times should be nonexistent or minimal.”
The investor Oscar Salazar said “We’re right now in the process of gathering data,” “Next year will be about utilization of data.”
We might think CargoX has plans to extend globally or at least to the U.S. since it has already raised a total of $34 million with the big-name investors like Goldman Sachs, Soros and Qualcomm Ventures, but that’s not the case.
Salazar further added, “One of the things we have learned in the tech industry is that expanding fast is not always the best decision,” So when CargoX meets with investors, “our pitch is: only Brazil until we actually win and conquer Brazil.”
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