Nuvocargo, a New York-based company focused on simplifying the US/MX over-the-road cross-border freight market, successfully raised $36.5 million in a Series B funding round led by QED investors.
The latest round values the company at over $250 million. New investors in this round include Tresalia Capital, Amador Holdings, as well as the co-founders of Dropbox, Repl.it, and Platzi. Existing investors such as Tiger Global, NFX, ALLVP, Magma Partners, MAYA Capital, and One Way Ventures also participated in the round.
This funding will enable Nuvocargo to expand its offering and products to cater to all major US/MX border crossings, beyond its initial focus on Laredo, TX. The funds raised will be allocated towards further developing Nuvocargo's proprietary Transportation Management System (TMS), known as Nuvo OS, which is specifically designed for the US/MX market.
Additionally, the company will expand its operations to major border crossings, invest in business development efforts, and scale up existing products such as Freight, QuickPay, and Customs.
Nuvocargo also recognizes the transformative potential of artificial intelligence (AI) and plans to leverage it to automate complex workflows and enhance customer experiences in the freight industry.
By serving customers across different border crossings such as El Paso and Otay Mesa, Nuvocargo aims to establish itself as the preferred partner for companies dealing with US/MX supply chains.
Company: Nuvocargo, Inc.
Raised: $36.5M
Round: Series B
Funding Month: June 2023
Lead Investors: QED investors
Additional Investors: Tresalia Capital, Amador Holdings, co-founders of Dropbox, Repl.it, and Platzi, Tiger Global, NFX, ALLVP, Magma Partners, MAYA Capital, and One Way Ventures
Company Website: https://www.nuvocargo.com/
Software Category: Logistics Software
About the Company: Founded in 2019, Nuvocargo is the all-in-one digital platform for cross-border trade between the USA and Mexico. They believe that software coupled with exceptional service in logistics can unlock incredible potential for both people and companies. Nuvocargo provides solutions to simplify and streamline the process of moving freight across the US/MX border, offering services such as transportation management, customs clearance, and quick payment solutions.
Source: https://www.nuvocargo.com/en/content/blog-posts/announcing-nuvocargos-36m-in-series-b-round-to-expand-all-major-us-mx-border-crossings