Nuvocargo raises $ 12 million in Series A funding

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Nuvocargo, a New York-based cross-border digital logistics startup, has raised $ 12 million in Series A funding in a round led by QED Investors.

The 2-year-old company will use the funds to accelerate its track record and recruiting, officials said. FreightTech and the licensed customs broker work with shippers to move goods between the United States and Mexico.

“Nuvocargo will soon offer products and services that help truckers, small and medium-sized enterprises (SMEs) and businesses in all countries with multiple pain points that go beyond the actual movement of goods,” said Deepak Chhugani, founder and CEO of Nuvocargo, in A release.

Chhugani said the company is also developing a series of complementary financial products for shippers and carriers, offers such as freight insurance, working capital finance, trade finance, inventory loans, etc.

The latest round brings Nuvocargo’s total funding to $ 17.3 million.

“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 US trade corridor. Mexican, ”said Lauren Morton, partner at QED Investors. A declaration.

Funding led by QED Investors comes alongside new investors David Velez (Founder and CEO, Nubank), Michael Ronen (Branded / SoftBank, who led Flexport’s $ 1 billion Series D), FJ Labs, Clocktower, Karim Atiyeh (Founder and CTO of Ramp), Raymond Tonsing (Caféine Capital), Satya Patel (Homebrew) and Sebastian Castro (Founder, Kushki).

Existing investors include NFX, ALLVP, MAYA Capital, Magma Partners, One Way Ventures and Ride Ventures.

Nuvocargo also plans to use the funds to hire employees in engineering, products, design, analysis and marketing. Founded in 2019, Nuvocargo has 35 employees in the United States and Mexico.

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