Mexico-based digital freight forwarder Nowports has raised $150 million in a Series C funding round which values the company at $1.1 billion. With this, Nowports becomes the latest unicorn and one of the most valuable companies in Mexico.
Nowport’s series C was led by SoftBank Latin America Fund, and other investors include Tiger Global, Foundation Capital, Monashees, Soma Capital, Broadhaven Ventures, Mouro Capital, Tencent, and Base10 Partners.
The raise comes just six months after the logistics startup secured $60 million in a Series B funding round led by Tiger Global Management. It also marks Nowports’ third equity raise in less than one year, bringing its total funding to over $240 million since 2018. The company had also raised $16 million in a Series A funding round in July of 2021.
Nowports aims to digitally streamline the import and export processes of Latin American companies, especially small and midsize enterprises, by improving supply chain visibility. The company also provides customers with financing services and cargo insurance.
In the first quarter of 2022, Nowports started operations in Panama and expanded into Chile, and Colombia. To date, the startup has 10 active offices in seven countries, including Mexico, Peru, Brazil, Panama, and has more than 500 employees.
With the new investment, Nowports plans to do more hiring, expand to Brazil, and open more offices in Mexico and Chile.
