Blackstone and Hudson Structured Capital Lead US$60m Investment in CargoX

August 27, 2018

The Blackstone Group and Hudson Structured Capital Management led a US$60m investment in Brazilian trucking platform CargoX. Goldman Sachs led a US$20m Series C in 2017, with participation from Qualcomm Ventures, Soros and existing investors Valor Capital, Agility Logistics, and Uber co-founder Oscar Salazar. Goldman also led the US$10m Series B.

(Axios) Brazilian trucking platform CargoX has raised $60 million in new funding led by The Blackstone Group and Hudson Structured Capital Management, Axios has learned.

Why it matters: The trucking industry can be very inefficient, with rigs often carrying half-full payloads. CargoX tries to correct this supply/demand imbalance by matching businesses with truckers who have excess capacity.

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Others investors include Goldman Sachs, Qualcomm Ventures, Soros, and Uber co-founder Oscar Salazar.

CargoX currently operates in Brazil, but may eventually expand into other markets, where it could run into Uber, which recently expanded its own freight business.

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