The 2-year old company will use the funds to ramp up its product road map and hiring, officials said. The FreightTech firm and licensed customs broker works with shippers to move cargo between the U.S. and Mexico.
“Nuvocargo will soon offer products and services that help truckers, small and medium-sized businesses (SMBs), and businesses across countries with multiple pain points that go beyond the actual movement of goods,” Deepak Chhugani, Nuvocargo founder and CEO, said in a release.
Chhugani said the company is also developing a series of add-on financial products for shippers and carriers, offerings such as cargo insurance, working capital financing, trade financing, inventory loans and more.
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 and offline supply chains online, there would be huge opportunities for embedded financial solutions in the US-Mexico trade corridor,” Lauren Morton, partner at QED Investors, said in a statement.
Funding led by QED Investors comes alongside new investors David Velez (founder and CEO, Nubank), Michael Ronen (Branded/SoftBank, who led Flexport’s $1B Series D), FJ Labs, Clocktower, Karim Atiyeh (founder and CTO of Ramp), Raymond Tonsing (Caffeinated 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, product, design, analytics and marketing. Founded in 2019, Nuvocargo has 35 employees in the U.S. and Mexico.
More articles by Noi Mahoney