Frete.com, a Brazilian logtech, raised a $200M funding round led by SoftBank and Tencent. The new funding makes the startup a unicorn with a valuation of more than $1B.
Frete.com is the largest trucking marketplace in Latin America. The startup is actively targeting inefficiencies in road freight transportation with its smart technology and software solution.
The platform uses digital software to help shippers and carriers to increase safety and productivity when hiring operators. The digital dashboard also reduces paperwork and increases the safety of both goods and carriers through real-time monitoring.
“Frete.com is bringing innovative solutions to a gigantic market, with great demand for digitalisation and better services,” said Carlos Medeiros, a Partner of SoftBank Latin America Fund.
The company is currently growing at around 90% year on year, and has over 615,000 registered truck drivers across Brazil.
The startup will use the new funding to invest in new technology and to grow the business with increased carriers and truck drivers.
Read more on LinkedIn.
