QED Investors led a USD12m Series A for Nuvocargo, a Mexican freight transportation marketplace managing Mexico-US routes, with participation from FJ Labs, Clocktower, David Velez (Nubank), Michael Ronen (SoftBank), Karim Atiyeh (Ramp), Raymond Tonsing (Caffeinated Capital), Satya Patel (Homebrew), and Sebastian Castro (Kushki), with follow-on from ALLVP, MAYA Capital, Magma Partners, One Way Ventures, and Ride Ventures. ALLVP and NFX led a USD5.3m seed round in 2020.
(TechCrunch) – Despite hundreds of billions of dollars’ worth of goods flowing across the U.S.-Mexican border each year, the freight industry has remained analog — each side of the border offering up its own maze of bureaucracy.
Nuvocargo, a digital logistics platform for cross-border trade, is trying to modernize the process. The company offers an all-in-one service that rolls freight forwarding, customs brokerage, cargo insurance and even trade financing into one UI-friendly software and app. Housing all of these services under one app makes it easier for companies to track their supply chain and gives customs and logistics teams access to more centralized information, according to Nuvocargo CEO Deepak Chhugani.
“And you just have one single audit trail in case something goes wrong,” Chhugani told TechCrunch, adding that the process helps reduce or eliminate the extra costs that come with a high administrative overhead. It also lets customers take a high-level look at their operations from within a single interface, he said.
Read more at TechCrunch.