Investment

CargoX receives US$60M investment

In a story brought to our attention by Axios, Brazilian freight trucking platform CargoX has raised US$60M in a round led by Blackstone Group and Hudson Structured Capital Management. CargoX founder, Federico Vega, made headlines earlier this year when the “Uber for Trucking” reached US$200M yearly revenue.

CargoX tries to make the trucking industry more efficient by connecting truck drivers with people who need their services so trucks never run empty. CargoX has previously received investment from Goldman Sachs, Qualcomm Ventures, Soros, and Uber founder Oscar Salazar. CargoX will likely come into direct competition with Uber as it expands out of the Brazilian market.

Read more in the original article for Axios or in Freight Waves.

Listen to Federico Vega on Crossing Borders.

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