SoftBank and Tencent provided a combined $150m to co-lead a series F round valuing the trucking services marketplace at $1bn.
Brazil-based trucking services provider has secured $200m in a series F round co-led by internet and gaming group Tencent and internet and telecommunications conglomerate SoftBank, Brazil Journal has reported.
Tencent and SoftBank reportedly put a combined $150m into the round, with the remaining $50m being provided by venture capital fund manager Valor Capital Group, private equity vehicle Lightrock and multifamily office Oikos. It valued the company at $1bn post-money.
Founded in 2016, CargoX runs an online logistics marketplace that use machine learning to pair truck drivers with customers, seeking to maximise efficiency by selecting trucks that have excess capacity.
The company currently boasts more than 500,000 drivers in its network and will use the funding to further develop its technology and support an expansion into new South American markets. It also plans to bolster its financial services offering, which provides credit and insurance to truck drivers.
Investment bank Goldman Sachs’…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
