Nuvocargo, a startup specializing in simplifying cross-border freight operations between the United States and Mexico, raised $36.5 million in a Series B funding round, valuing the startup at over $250M, a 40% increase from its last valuation in December 2021.
The round was led by QED Investors and included participation from new investors such as Tresalia Capital and Amador Holdings. Major existing investors like Tiger Global, NFX, ALLVP, Magma Partners, MAYA Capital, and One Way Ventures also came back.
“QED doubled down on Nuvocargo by leading this round because they are on track to becoming one of the leading startups to spearhead the nearshoring trend to Mexico from China & Asia,” said QED Partner Lauren Morton
Nuvocargo offers a wide range of services and products designed to streamline the transportation of goods across the US-Mexico border. With the funds, the company will expand its current operations in Laredo to all major US-Mexico border crossings.
Nuvocargo’s unique expertise in the market, innovative technology, and an integrated solution put us in a privileged position to serve even more shippers by expanding beyond our current scope of Laredo, TX, and into all major US-Mexico border crossings,” said Nuvocargo’s founder and CEO Deepak Chhugani.
Additionally, Nuvocargo is partnering with startups to integrate artificial intelligence into its existing products. By leveraging AI technology, the company expects faster border crossings, less vendor management, and increased visibility at the border.
Nuvocargo’s successful Series B funding round and expansion plans demonstrate their strong momentum in the industry. With its continued growth and commitment to innovation, the company leads a technological revolution in cross-border freight operations between the United States and Mexico, a $2T industry that has relied on paper for years.