Brazilian transportation startup company, CargoX, obtained $ 80 million from Liechtenstein funds | Instant News


SAO PAULO, April 7 (Reuters) – Brazilian startup company CargoX, which helps match cargo with available trucks to transport it, has raised $ 80 million in a Series E round led by LGT Lightstone investor, the company said in a statement on Tuesday.

CargoX, which is sometimes referred to as Uber Brasil for cargo, is one of the largest startups in the country. It said in a statement that currently connects 20,000 companies with 400,000 truck drivers.

The company hopes to double the number of truck drivers working with it in 2020, when the coronavirus pandemic has severely limited air cargo.

LGT Lightstone is controlled by the private bank LGT, which in turn is owned by the royal family of Liechtenstein.

Cargo X in the past received investments from Goldman Sachs and Farallon Capital. It had raised $ 96 million before, and the latest funding round brought the total to $ 176 million. The company does not disclose valuations for the company.

Reporting by Marcelo Rochabrun; Editing by Cynthia Osterman

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