E-commerce platform Cart.com has achieved unicorn status following a $60 million Series C round of funding to push its valuation to $1.2 billion.
Meanwhile, global supply chain-focused startups Nuvocargo and CargoBot recently secured $36.5 million and $6 million in funding, respectively.
While the enterprise capital market has never been worse for some parts of the tech sector, firms focused on logistics and moving freight proceed to see investment infusions.
“Raising capital for a startup can indeed be a difficult endeavor, especially considering the fluctuations within the enterprise capital market,” Fernando Correa, Cargobot’s co-founder and CEO, told FreightWaves. “We deeply appreciate the support of our existing and latest investors, who’ve placed their trust in our vision and potential.”
Cart.com, a commerce and logistics technology provider, has brought in $60 million in a capital raise, in accordance with a news release.
The corporate said it would use the funds to satisfy increased demand from B2B and enterprise clients, while accelerating product development and international expansion.
The Series C round included participation from B. Riley Enterprise Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight and other strategic investors.
“As a number one commerce software and services provider, we’re focused on enabling our customers to compete and win across every channel through digital tools and digitally driven logistics capabilities,” Omair Tariq, company co-founder and CEO, said in an announcement. “We are going to proceed to speculate in our industry-leading commerce data capabilities, that are built to deal with the particular inventory, channel and provide chain challenges facing enterprises.”
With the most recent fund raise, Cart.com enters unicorn territory, a startup company with a price of greater than $1 billion.
Founded in 2020, Cart.com has almost 6,000 brands on its platform. Last yr, its software powered over $5 billion in gross merchandise value, with 140 million product listings, $10 trillion in product ads and 11 billion in marketplace repricing events, the corporate said.
“Cart.com is driving the evolution of commerce and unlocking business value through unified data across the complete value chain,” Harsha Kapre, Snowflake Ventures’ industry principal for retail data and technology, said in an announcement.
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Nuvocargo raises $36.5M, valuation increases to $250M
Digital logistics platform Nuvocargo announced it has secured $36.5 million in a Series B funding round led by QED Investors.
Recent York-based Nuvocargo said it would use the funds to expand service to all major U.S.-Mexico border crossings, having previously only focused on Laredo, Texas.
With the expansion, Nuvocargo goals to capitalize on growing demand from shippers and carriers within the U.S.-Mexico cross-border region, officials said.
“We’re bullish on the nearshoring opportunity and have already seen increased demand for
services specialized within the U.S.-Mexico trade lane,” Deepak Chhugani, Nuvocargo’s founder and CEO, said in an announcement. “We expect this trend to proceed growing as Mexico settles into the highest spot for U.S. trading partners.”
Along with investments from QED, the Series B round included participation from all of Nuvocargo’s existing investors.
The most recent round increased Nuvocargo’s valuation to greater than $250 million and brings its total funding to $75 million up to now.
“QED doubled down on Nuvocargo by leading this round because they’re on-track to becoming one in all the leading startups to spearhead the nearshoring trend to Mexico from China and Asia,” Lauren Morton, partner at QED, said in an announcement.
![](https://www.freightwaves.com/wp-content/uploads/2023/06/27/Nuvocargo_FreightTech-1200x675.jpg)
Cargobot lands $6M to assist propel global growth
Miami-based Cargobot recently raised $6 million in a Series A funding round, which the corporate will use to expand its products and solution offerings for shippers and carriers.
“Our platform offers comprehensive visibility and intuitive technology, enabling real-time monitoring of freight operations,” Correa said. “With a concentrate on advanced technology and user-friendly solutions, we try to make freight transportation easier for shippers and carriers alike.”
Founded in 2016, Cargobot is a world digital freight company that connects shippers and carriers via its data-driven platform.
![](https://www.freightwaves.com/wp-content/uploads/2023/06/27/Cargobot_FreightTech-1200x675.jpg)
The Series A round was led by BPBI, with continued participation from majority investor Total Management 2 Inc.
With the funding, Cargobot plans to further develop its current business units, including Cargobot Pool and Cargobot SaaS, aiming to supply more solutions for the freight industry, Correa said.
“We currently partner with over 20,000 carrier firms,” he said. “Moreover, through API integrations, we’ve got access to an intensive pool of over 500,000 carriers, further expanding our network and enhancing our ability to satisfy the varied needs of our customers.”
Correa said the freight economy is all the time changing.
“The present state of the freight economy is dynamic and influenced by various aspects, including global trade trends, supply chain disruptions and economic conditions,” he said. “We leverage technology to optimize freight transportation processes, enhance visibility, and improve overall efficiency, helping our customers navigate the freight economy more effectively.”
Correa also said Cargobot sees a whole lot of cross-border opportunities in U.S.-Mexico trade.
“In relation to cross-border opportunities between the U.S. and Mexico, Cargobot recognizes the immense potential for trade and transportation on this region,” he said. “We understand the importance of seamless connectivity between shippers and carriers in each countries.”
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