Cross-border startup Nuvocargointroduced Friday that it has raised $20.5 million in a funding spherical led by Tiger Global Management.
Deepak Chhugani, Nuvocargo’s founder and CEO, statedthe corporate didn’t want the capital because itnonetheless had many of the $12 million it raised in a sequence A spherical in April.
“Tiger showed real conviction and moved fast with their term sheet even though we were not raising,” Chhugani stated in an announcement. “We deeply respect their approach to investing and it was a great experience.”
New York-based Nuvocargo is a digital logistics platform for cross-border commerce between the U.S. and Mexico. The firmprovides an all-in-one providers platform, together with freight forwarding, customs brokerage, cargo insurance coverage and commerce financing, in a user-friendly app.
Supply chains globally are present process immense stress and there is a chanceto construct startups to enhance cross-border commerce, stated John Curtius, a accomplice at New York-based Tiger Global Management.
“We’re really ramping up our investment pace in Latin America and in logistics and supply chain,” Curtis stated. “We seek to back the category leaders in every space we invest in, and that’s what we saw in Nuvocargo for the trade corridor between the United States and Latin America.”
Watch: Teclo Garcia discusses the significance of cross-border commerce with Mexico from Laredo, Texas.
Other memberswithin thenewest funding sphericalembody The Flexport Fund, the COO of Mexico-based startup Kavak and currenttraders QED Investors and NFX. The capital brings Nuvocargo’s complete funding to $37.8 million since its launch in 2019.
Nuvocargo will use the funds to proceedincreasing its optionswhereasadditionallycreating new merchandise.
The newestspherical valued Nuvocargo at $180 million, greater than double the $70 million it was valued at eight months in the past.
The port of entry in Laredo, Texas, is likely one of the busiest business border crossings alongside the U.S.-Mexico border. Laredo’s outbound tender quantity index (OTVI.LRD) — a measure of shipper requests for truckload capability — is up greater than 35% since Dec. 1.
Click for extra FreightWaves articles by Noi Mahoney.
More articles by Noi Mahoney
Cargo theft up as thieves benefit fromelevatedvisitors
New customs necessities for Mexico shipments start Dec. 1
Could the Austin-San Antonio hall be the following Freight Alley?