Curitiba-based logtech CargOn received funding of over $1M from TechInvestor (Viasoft Group) and EqSeed.
The funds will expand the company’s operations with the aim of generating $6M in revenue by April 2024, doubling its 2022 revenue.
President of Viasoft Group, Itamir Viola, CEO of TechInvestor, cites CargOn’s financial sustainability, the technical and professional proficiency of its team, and its ability to provide solutions to real problems in Brazilian logistics as reasons for the investment.
Denny Mews, CEO of CargOn, will use 70% of the funds for expansion, with 41% going towards growth and 30% towards technological advancements. Internal actions and operations will use the remaining funds.
Despite going public during the Covid-19 pandemic, CargOn has experienced significant growth, with revenue increasing from $80K in its first year to $1.3M in 2021, and reaching $3M in 2022. With a valuation of BRL $9.6M, the company looks for further expansion in other countries.
Read more at: Startupi