Nuvocargo Raises $ 12 Million to Modernize U.S.-Mexico Trade, Announces Plan to Add Financial Products for Shippers

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Tour led by QED Investors with participation from David Velez, Michael Ronen, FJ Labs, NFX, ALLVP and others

/EIN News/ – NEW YORK, April 07, 2021 (GLOBE NEWSWIRE) – Nuvocargo, the only all-in-one digital platform for U.S.-Mexico commerce, today announced the completion of a $ 12 million Series A funding round led by QED Investors alongside new investors including David Velez (Founder / CEO, Nubank), Michael Ronen (Branded / SoftBank, who led Flexport’s $ 1 billion Series D), FJ Labs, Clocktower, Karim Atiyeh (Founder / CTO de Ramp), Raymond Tonsing (Caffeinated Capital), Satya Patel (Homebrew), Sebastian Castro (Founder, Kushki), and more. Existing investors NFX, ALLVP, MAYA Capital, Magma Partners, One Way Ventures, Ride Ventures and others also participated. This round brings Nuvocargo’s total funding to $ 17.3 million.

Nuvocargo will use the funds to accelerate its product roadmap and increase hiring. It is also developing a series of complementary financial products for shippers and carriers, targeting $ 125 billion +1 U.S.-Mexico supply chain finance marketplace – offerings such as cargo insurance, working capital finance, trade finance, inventory loans and more.

“Although at first glance, Nuvocargo appears to be primarily a logistics company, our vision has always been to create an all-in-one digital platform to simplify commerce for businesses across the Americas,” said Deepak Chhugani, founder and CEO of Nuvocargo. “One of the most important elements of this vision is deeply rooted in the movement of money and payments for the international supply chain. Nuvocargo will soon offer products and services that will help truckers, SMEs and businesses across countries with multiple issues that go beyond the actual movement of goods.

“QED recognized that as truly transformative companies like Nuvocargo brought much of the traditionally disjointed supply chains online and offline, there would be huge opportunities for integrated financial solutions in the states trade corridor. -United-Mexico, ”said Lauren Morton, Partner, QED Investors.

“Nuvocargo has taken something that was not even possible two years ago and made it indispensable today. Deepak and his team are building a platform that not only automates the logistics of moving goods across the border, but for the first time enables the best financial solutions to be offered to a massive market that has long been overlooked. We have been investing in U.S. and Latin American FinTech for 15 years, and we are excited to combine our global FinTech expertise with strong technical talent, local expertise, and Nuvocargo’s vision to disrupt commerce. international in a way that we know is essential for success. “

James Currier, General Partner at NFX, who co-led Nuvocargo’s selection round, says: “Deepak and his team continue to beat every goal and every projection. Nuvocargo is building a world-class team and operations in a market hungry for software solutions with network effects, making it more efficient for all involved. “

Antonia Rojas, partner at ALLVP who co-led the Nuvocargo funding round, said: “Nuvocargo was launched just 18 months ago and expects to generate tens of millions of dollars in annual revenue in 2021, its second full year of operation. We were impressed with how the business remained responsive to customer needs and grew even when the economy got tough; We are confident that they will continue on this growth path by leveraging the $ 600 billion trade route to the United States and Mexico.

Nuvocargo plans to use the funds to continue to invest aggressively in hire world-class talent in Silicon Valley, the logistics industry, the United States and Mexico. Specifically, it will invest more aggressively in engineering, products, design, analysis and marketing while continuing to invest in sales and operations. Today, the team consists of 35 employees in the United States and Mexico, and that number will likely grow to over 100 over the next 12 months.

Nuvocargo 2020 milestones include:

  • Turnover multiplied by 25
  • Increased its customer base by 9, attracting new customers such as Calidra Group, Howden and Land & Sea
  • Increased its employee base by 5, adding industry veterans from companies like Dropbox, Goldman Sachs, Transplace, Redwood, MIT, Harvard and other leading logistics brokers in the United States and the Mexico
  • New offices opened to support growth in Mexico City, Mexico and Laredo, Texas

Additionally, earlier in March, Nuvocargo announced a platform upgrade with new tracking features available in English and Spanish that give shippers improved visibility and the ability to track and monitor their shipments from freight in one place.

“We have seen a huge increase in customer demand and revenue since launch,” Chhugani said. “This funding will allow us to continue to invest in our company’s software infrastructure and to hire to meet this demand. In addition, we are excited to use these funds to launch new financial products that we have tested with shippers and carriers to better meet the needs of our stakeholders beyond just freight transport and become their solution. all-in-one for US / Mexico Cross Border Trade.

About QED Investors
QED Investors is a leading global venture capital firm based in Alexandria, Virginia. She focuses on investing in disruptive early stage financial services companies in the US, UK, Latin America and South East Asia. QED Investors is dedicated to building great businesses and employs a unique hands-on approach that draws on decades of entrepreneurial and operational experience from our partners, helping their businesses achieve breakthrough growth. Notable investments include Credit Karma, ClearScore, Nubank, SoFi, Avant, Remitly, GreenSky, Klarna, QuintoAndar, Loft, Konfio, Creditas, AvidXchange, Current and Mission Lane.

About Nuvocargo
Nuvocargo is the only all-in-one digital platform for cross-border commerce offering freight forwarding, customs brokerage, freight insurance and supply chain finance services. It combines powerful technology with an exceptional team of experts to seamlessly integrate the end-to-end movement of cargo into a single platform. Nuvocargo is modernizing a $ 2 million market that has yet to experience true digitalization, offering shippers unparalleled visibility, efficiency and support. Led by a fully bilingual team, Nuvocargo’s unique position at the intersection of technology, logistics, US and Latin America, contributes to 35% revenue growth month to month. other since operations began in late 2019. Nuvocargo is backed by QED Investors, David Velez, NFX, ALLVP and world-renowned startup accelerator Y Combinator, among others. Learn more about the nuvo way on https://www.nuvocargo.com/en or follow @nuvocargo.

Media contacts:
Gina Rezendes
617-640-9278
[email protected]

Ashley marshall
Director of Public Relations and Communications, QED Investors
518-577-9984
[email protected]

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Nuvocargo internal calculation


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