CargoX operates a smart trucking marketplace in Brazil that connects shippers with drivers who have unused truck capacity, aiming to increase driver earnings and reduce shipping costs. The company integrates GPS devices to provide precise tracking and to optimize shipments and routes. CargoX is gathering data and plans to focus next year on using that data and machine learning to enable features like real-time pricing and better utilization. The startup launched in March 2016 and says its current revenue run rate places it among the top 25 trucking companies in Brazil. It has signed Unilever as a partner. Leadership emphasizes concentrating on winning the Brazilian market rather than pursuing immediate international expansion. CargoX operates a digital freight marketplace that matches shippers with truckers who have excess capacity, aiming to reduce empty miles and increase trucker revenue. The company describes itself as a transportation company with no assets, owning the network rather than the trucks. CargoX says it has a network of 150,000 trucks and cites that trucks in Brazil run empty about 40% of the time, with an estimated national excess of 300,000–350,000 vehicles. CEO Federico Vega has likened the model to Airbnb and emphasizes flexibility and trust by making deals with CargoX rather than individual drivers. Investors and company leadership see international expansion potential and applicability even if trucking becomes autonomous, since autonomous trucks will require data. Financially, the company has raised new capital and now reports a total of $14 million in funding.

Total raised

$30M

Funding rounds

2

Latest round

Series C

Latest activity

Nov 2017