LatamList – Cargo X, a Brazilian logistics startup, recently raised $2.8M (R$15M) from Pattac Empreendimentos. This investment will provide freight carriers from Cargo X’s marketplace that have been affected by the pandemic with working capital.
“Pattac is one of the largest infrastructure investors in Latin America and has been operating in the sector for more than 70 years, bringing expertise and synergies that will allow it to accelerate the expansion of Cargo X in Brazil and the rest of the continent,” said Federico Vega, President of Cargo X.
Cargo X has 450 employees and connects approximately 20,000 shipping companies and 400,000 truck drivers to cargo. The freight transportation industry was heavily hit by the fall in economic activity due to the effects of the pandemic. Cargo X previously launched a $5.6M fund to support the delivery of essential goods during the outbreak of COVID-19.
The company raised approximately $81M (R$430M) from LGT Lightstone two months ago and claims to have brokered $15B (R$80B) in freight.
Read more on Reuters.
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