NEW YORK, April 7, 2021 (GLOBE NEWSWIRE) – Nuvocargo, the one all-in-one digital platform for U.S.-Mexico commerce, at the moment introduced the closure of a $ 12 million Collection A funding spherical led by QED Traders alongside new buyers together with David Velez (Founder / CEO, Nubank), Michael Ronen (Branded / SoftBank, who led Flexport’s $ 1 billion Collection D), FJ Labs, Clocktower, Karim Atiyeh (Founder / CTO de Ramp), Raymond Tonsing (Caffeinated Capital), Satya Patel (Homebrew), Sebastian Castro (Founder, Kushki), and extra. Present buyers NFX, ALLVP, MAYA Capital, Magma Companions, One Approach Ventures, Trip Ventures and others additionally participated. This spherical brings Nuvocargo’s whole funding to $ 17.3 million.

Nuvocargo will use the funds to speed up its product roadmap and pace up recruitments. It is usually creating a sequence of complementary monetary merchandise for shippers and carriers, focusing on greater than $ 125 billion.1 US-Mexico provide chain finance market – choices resembling freight insurance coverage, working capital finance, commerce finance, stock loans, and so on.

“Whereas at first look Nuvocargo seems to be primarily a logistics firm, our imaginative and prescient has at all times been to create an all-in-one digital platform to simplify commerce for companies throughout the Americas,” stated Deepak Chhugani, Founder and CEO of Nuvocargo. “One of the vital components of this imaginative and prescient is deeply rooted within the motion of cash and funds for the worldwide provide chain. Nuvocargo will quickly supply services that may assist truckers, SMEs and companies in all international locations with a number of points that transcend the precise motion of products. “

“QED acknowledged that as actually transformative firms like Nuvocargo introduced a lot of the historically disjointed provide chains on-line and offline, there could be enormous alternatives for built-in monetary options within the US commerce hall. United Mexico, ”stated Lauren Morton, Associate, QED Traders.

“Nuvocargo has taken one thing that wasn’t even potential two years in the past and made it important at the moment. Deepak and his workforce are constructing a platform that not solely automates the logistics of shifting items throughout the border, however for the primary time allows best-in-class monetary options to be provided to an enormous market that has lengthy been neglected. Now we have been investing in US and Latin American fintechs for 15 years, and we’re delighted to mix our international fintech experience with the sturdy technical expertise, native experience and imaginative and prescient of Nuvocargo to disrupt worldwide commerce in a means that we important soaps for fulfillment. “

James Currier, common companion at NFX who co-led the choice spherical for Nuvocargo, stated, “Deepak and his workforce proceed to beat all targets and projections. Nuvocargo is constructing a world-class workforce and operation in a market hungry for software program options with community results, making them extra environment friendly for all concerned. “

Antonia Rojas, companion at ALLVP who co-led Nuvocargo’s seed cycle, stated: “Nuvocargo was launched simply 18 months in the past and expects to generate tens of hundreds of thousands of {dollars} in annual income in 2021 , its second full yr of exercise. Now we have been impressed with how the enterprise has listened to buyer wants and has grown even when the financial system received robust; We’re assured that they are going to proceed on this development path by leveraging the $ 600 billion commerce path to the US and Mexico. “

Nuvocargo plans to make use of the funds to proceed to speculate aggressively in rent world-class expertise throughout Silicon Valley, the logistics business, the US and Mexico. Particularly, it’s going to make investments extra aggressively in engineering, merchandise, design, evaluation and advertising whereas persevering with to spend money on gross sales and operations. Immediately, the workforce has 35 staff in the US and Mexico, and that quantity will doubtless develop to over 100 within the subsequent 12 months.

Nuvocargo’s 2020 milestones embrace:

  • 25x income improve
  • Elevated its buyer base by 9, attracting new clients resembling Calidra Group, Howden and Land & Sea
  • Elevated worker base by 5, including business veterans from firms resembling Dropbox, Goldman Sachs, Transplace, Redwood, MIT, Harvard and different main US / Mexican logistics brokers
  • New workplaces opened to assist development in Mexico Metropolis, Mexico and Laredo, Texas

Moreover, earlier in March, Nuvocargo introduced a platform improve with new monitoring options accessible in English and Spanish that give shippers improved visibility and the power to trace and monitor their shipments from freight in a single place.

“Now we have seen overwhelming buyer demand and income development since launch,” stated Chhugani. “This funding will enable us to proceed investing in our firm’s software program infrastructure and recruiting to fulfill this demand. As well as, we’re excited to make use of these funds to launch new monetary merchandise that now we have examined with shippers and carriers to raised meet the wants of our stakeholders past simply freight transport and turn into their resolution. all-in-one for the US / Cross-border commerce with Mexico. “

About QED Traders
QED Traders is a number one enterprise capital agency based mostly in Alexandria, Virginia. She focuses on investments in early stage and disruptive monetary providers firms within the US, UK, Latin America and South East Asia. QED Traders is devoted to constructing nice companies and employs a novel, hands-on method that leverages our companions’ a long time of entrepreneurial and operational expertise, serving to their companies obtain breakthrough development. Notable investments embrace Credit score Karma, ClearScore, Nubank, SoFi, Avant, Remitly, GreenSky, Klarna, QuintoAndar, Loft, Konfio, Creditas, AvidXchange, Present and Mission Lane.

About Nuvocargo
Nuvocargo is the one all-in-one digital platform for cross-border commerce providing freight forwarding, customs brokerage, freight insurance coverage and provide chain finance. It combines highly effective expertise with an distinctive workforce of consultants to seamlessly combine the end-to-end motion of products on a single platform. Nuvocargo is modernizing a $ 2T market that has but to expertise true digitalization, providing shippers unparalleled visibility, effectivity and assist. Managed by a completely bilingual workforce, Nuvocargo’s distinctive place on the intersection of expertise, logistics, US and Latin America, contributes to income development of 35% month over month since inception operations on the finish of 2019. Nuvocargo is backed by QED Traders, David Velez, NFX, ALLVP and world-renowned startup accelerator Y Combinator, amongst others. Be taught extra concerning the nuvo technique at https://www.nuvocargo.com/en or observe @nuvocargo.

Media contacts:
Gina Rezendes
[email protected]

Ashley marshall
Director of Public Relations and Communications, QED Traders
[email protected]

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