CargoX Valuation, Funding & Investors
CargoX is valued at $1B as of November 2021.
Last CargoX valuation
$1B
Series F · Nov 2021
Last CargoX funding round
$200M
Series F · Nov 2021
Cumulative funding CargoX raised
$385M
across 8 funding rounds
Key investors in CargoX
Valor Capital Group
Goldman Sachs
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Oscar SalazarQualcomm Ventures
Lightrock
NXTP Ventures
About CargoX
CargoX provides road freight and related logistics services to businesses in Brazil. Its offering combines full-truckload transportation management, carrier coordination and technology for monitoring shipments and administering transport operations. Customers can use dedicated freight teams, automated transport documentation and analytical tools to plan and manage their logistics networks. The company also offers financial solutions associated with freight activity, including payment arrangements and access to working capital through its commercial services. Its logistics programs seek to reduce empty journeys and improve coordination between shippers and transport providers. CargoX operates from São Paulo and forms part of the broader Frete.com group, alongside other freight technology businesses. Its services address companies moving goods by road and seeking visibility, risk management and operational support across the shipment process. The CargoX operating brand maintains its own dedicated website and customer-facing services.
Founded
2013
HQ
São PauloWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$1B (Nov 2021)
CargoX Valuation
CargoX is currently valued at $1B, based on its Series F in November 2021. Read the announcement ↗
The $200M round was led by SoftBank Group and Tencent, with participation from Jeb Bush, Reinvent Capital, Inter American Development Bank, Cibersons, Rhombuz VC and 7 other investors.
CargoX's valuation has grown 4.8x from $210M at its Series D in August 2018 to $1B in November 2021, across 2 priced rounds.
CargoX valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2021 | Series F | $1B |
| Aug 2018 | Series D | $210M |
CargoX Funding History
CargoX has raised a total of $385M across 8 funding rounds.
CargoX's first fundraising round was a $1M seed round in July 2014. The most recent completed round was a $200M Series F in November 2021.
CargoX funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Series F | SoftBank Group (lead); Tencent (lead); Jeb Bush; Reinvent Capital; Inter American Development Bank; Cibersons; Rhombuz VC; Oikos Venture Capital; Pattac; Henry Kravis; Lightrock; Valor Capital Group; PIPO Capital; Banco BTG Pactual | $200M | $1B | CargoX renamed itself Frete.com in November 2021 after receiving US$200 million in a Series F round led by the SoftBank Latin America Fund and Tencent. The round also included a significant secondary portion whose value was not disclosed, and the company was described as a unicorn, valued at more than US$1 billion. Reinvent Capital, Valor Capital, Lightrock, BTG Pactual, the infrastructure group Pattac, the multi-family offices Oikos and PIPO, IDB Invest and individuals including Henry Kravis and Jeb Bush also took part. Frete.com is a holding that combines CargoX, which had become a technology supplier to carriers, with the FreteBras freight platform and the new payments fintech FretePago. The proceeds were to grow FreteBras and to lift headcount from 1,300 to 3,500 by the end of 2022. BofA Securities advised the company. |
| Jun 2020 | Strategic investment | Pattac (lead) | $3M | - | In June 2020 CargoX received an investment of R$15 million (about US$2.8 million) from Pattac Empreendimentos, an infrastructure investor in Latin America. The money was earmarked as working capital for the freight carriers that sell through the CargoX marketplace and had been hit by the fall in economic activity during the pandemic. It came two months after the company raised about US$81 million (R$430 million) from LGT Lightstone in its Series E. CargoX had also set up a US$5.6 million fund to support deliveries of essential goods during the outbreak of COVID-19 and said it had brokered about US$15 billion (R$80 billion) of freight. The company is a Brazilian digital freight marketplace founded in 2013 and based in Sao Paulo. |
| Apr 2020 | Series E | Lightrock (lead); Cibersons; Goldman Sachs; Farallon Capital Management; Valor Capital Group | $87M | - | CargoX raised US$80 million in a Series E round announced in April 2020, its fifth financing round. LGT Lightstone Latin America, the growth-equity arm of the LGT private bank owned by the Liechtenstein royal family, led the round, with follow-on investment from existing backers Goldman Sachs Growth Equity, Valor Capital and Farallon Capital. The company had raised US$96 million before this round and did not disclose a valuation. CargoX is a Brazilian digital freight marketplace founded in 2013 that connects about 20,000 transport companies and 400,000 truck drivers with cargo. Its chief executive, Federico Vega, said the company aimed to double its driver network during 2020 and to reduce empty return trips and waiting times through automation, at a time when the pandemic had accelerated the digitalisation of logistics. |
| Aug 2018 | Series D | Blackstone (lead); Qualcomm Ventures; Hudson Structured Capital Management; Soros Fund Management; Oscar Salazar; Goldman Sachs | $60M | $210M | CargoX is a Brazilian logistics platform that connects companies with truck drivers to optimize load capacity and address inefficiencies in the trucking sector. In August 2018, it raised $60 million in a funding round led by Blackstone and Hudson Structured Capital Management, with participation from Goldman Sachs, Qualcomm Ventures, Soros Fund Management, and Oscar Salazar, a Uber co-founder. The platform operates primarily in Brazil with plans for expansion into other markets, facing potential competition from Uber Freight. This 2018 round followed a $20 million Series C led by Goldman Sachs in the prior year, involving investors like Ability Logistics, Soros Fund Management, Valor Capital, and Salazar. Subsequent rounds included an $80 million Series E in April 2020 led by LGT Lightstone (GS Growth), with Valor Capital and Farallon Capital, and a $200 million Series F in October 2021 co-led by SoftBank and Tencent, valuing CargoX at $1 billion post-money and bringing total funding to nearly $378 million across multiple rounds. CargoX leverages machine learning to match drivers with excess capacity to customers, boasting over 500,000 drivers in its network by 2021. The company plans to use later funding for technology development, South American expansion, and financial services like credit and insurance for drivers. |
| Nov 2017 | Series C | Goldman Sachs (lead); Qualcomm Ventures; Soros Fund Management; Agility Ventures; Oscar Salazar; Valor Capital Group | $20M | - | CargoX is a Brazilian technology platform that connects businesses needing freight transport with truck drivers who have excess cargo capacity, launched in March 2016. The company operates a data science-driven marketplace that helps reduce trucking costs and improve freight visibility while enabling drivers to optimize their routes and avoid empty return trips. In November 2017, CargoX raised $20 million in Series C funding led by Goldman Sachs, with participation from Qualcomm Ventures, Soros Fund Management, and existing investors Valor Capital Group, Agility Logistics, and Uber co-founder Oscar Salazar. This round brought total funding to $34 million, following a $10 million Series B in July 2016 and a $4 million Series A earlier in 2016. At the time of the Series C, CargoX had achieved significant traction with more than 250,000 truck owners and operators on its platform, was growing at over 500% year-over-year, had signed major corporate partners including Unilever, and was already among the top 25 trucking companies in Brazil by revenue despite being less than two years old. The addressable market for trucking services in Brazil exceeded $100 billion, with the company's growth driven by the country's reliance on truck transport due to limited railroad infrastructure. |
| Jul 2016 | Series B | Goldman Sachs (lead); Colle Capital Partners; Lumia Capital; Agility Ventures; Oscar Salazar; Valor Capital Group | $10M | - | CargoX is a Brazilian trucking platform that connects businesses needing to ship goods with truck drivers who have excess capacity, operating as an asset-light transportation network often compared to 'Uber for trucks.' The company launched in March 2016 and by July 2016 had built a network of 150,000 trucks, enabling it to provide flexible capacity to clients without owning vehicles. In July 2016, CargoX raised $10 million in Series B funding led by Goldman Sachs, with participation from Valor Capital Group, Agility Logistics (also referred to as Agility Ventures), Lumia Capital, Uber co-founder Oscar Salazar, and others including former DHL Express US CEO Hans Hickler. This brought the company's total funding to $14 million at that time, following a prior $4 million Series A from some of the same investors. Investors highlighted opportunities in Brazil's fragmented trucking market due to information asymmetry and lack of infrastructure like railroads, which makes road freight dominant. CargoX focuses on building trust by intermediating deals and aims to increase exclusive relationships with truckers for return freight. |
| Jan 2016 | Series A | NXTP Ventures; Oscar Salazar; Ambassador Clifford Sobel; Valor Capital Group | $4M | - | CargoX, the Brazilian trucking platform that connects companies with freight to carry and truck drivers with spare capacity, raised a US$4 million Series A round in early 2016. Valor Capital Group led the round and went on to take part in the company's later financings. The Series A and the US$10 million Series B that followed in July 2016 together raised US$14 million, which was the capital CargoX had behind it when it launched its platform. The company had been founded in 2013 and is based in Sao Paulo. It describes itself as an asset-light technology company that builds a network of independent truck owners and operators and uses data science to match loads with trucks that would otherwise travel empty. The later Series C in November 2017 brought total funding to US$34 million. |
| Jul 2014 | Seed | NXTP Ventures; Valor Capital Group | $1M | - | - |
Who has invested in CargoX?
26 investors have backed CargoX across its funding rounds, including Valor Capital Group, Goldman Sachs, Oscar Salazar, Qualcomm Ventures, Lightrock and NXTP Ventures.
Lead investors include SoftBank Group, Tencent, Pattac, Lightrock, Blackstone and 1 other investor.
CargoX Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 6 | Participant | Jul 2014 | |
| Oscar Salazar | New York City, NY | 4 | Participant | Jan 2016 |
| New York City, NY | 4 | Lead | Jul 2016 | |
| San Diego, CA | 2 | Participant | Nov 2017 | |
 Asunción | 2 | Participant | Apr 2020 | |
| New York City, NY | 2 | Participant | Nov 2017 | |
 Buenos Aires | 2 | Participant | Jul 2014 | |
| Brazil | 2 | Lead | Jun 2020 | |
 India | 2 | Participant | Jul 2016 | |
 London | 2 | Lead | Apr 2020 | |
| Miami, FL | 1 | Participant | Nov 2021 | |
| New York City, NY | 1 | Participant | Nov 2021 | |
| New York City, NY | 1 | Participant | Jul 2016 | |
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Start Free TrialCargoX Competitors
CargoX competitors include listed companies like QuinStreet and SMZDM.com, and private ones like Omio, Koubei, Xeneta and Healthcare.com.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Berlin | Private | - | - | $1B | - | |
 Hangzhou | Private | - | - | $8B | - | |
 Oslo | Private | $29M | - | $265M | 9.1x | |
| Miami, FL | Private | - | - | $1B | - | |
| United States | Publicly listed | $1.3B | $61M | $1B | 0.7x | |
| China | Publicly listed | $194M | $20M | $922M | 3.5x |
CargoX Public Comps
CargoX is still privately-owned, but its public comps include QuinStreet, Trainline, SMZDM.com, Web Travel Group, Tripadvisor, EverQuote, GoodRx, Alma Media, Nerdwallet and Ixigo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $61M | 0.7x | 0.7x | 15.6x | 7.5x | |||
| $607M | $221M | 2.0x | 2.0x | 5.4x | 4.9x | |||
| $194M | $20M | 3.8x | 3.5x | 37.5x | 31.9x | |||
| $277M | $85M | 2.7x | 2.6x | 8.9x | 7.0x | |||
| $1.9B | $160M | 0.6x | 0.7x | 7.1x | 4.8x | |||
| $693M | $62M | 0.9x | 0.8x | 10.3x | 5.5x | |||
| $797M | $173M | 1.8x | 1.8x | 8.3x | 5.7x | |||
| $366M | $106M | 3.8x | 3.6x | 12.9x | 11.2x | |||
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Common questions about CargoX
| When was CargoX founded? | CargoX was founded in 2013. |
| Where is CargoX headquartered? | CargoX is headquartered in São Paulo, Brazil. |
| Is CargoX publicly listed? | No, CargoX is a private, VC-backed company. |
| What is CargoX's valuation? | CargoX was last valued at $1B in its Series F in November 2021. |
| How much funding has CargoX raised? | CargoX has raised $385M across 8 funding rounds. |
| What was CargoX's last funding round? | CargoX's last funding round was a $200M Series F in November 2021, led by SoftBank Group and Tencent. |
| Who are CargoX's investors? | CargoX's investors include Valor Capital Group, Oscar Salazar, Goldman Sachs, Qualcomm Ventures, Cibersons, Soros Fund Management, NXTP Ventures, Pattac, Agility Ventures, Lightrock and 16 others. |
| Which companies are comparable to CargoX? | Companies comparable to CargoX include Omio, Koubei, Xeneta, Healthcare.com, QuinStreet and SMZDM.com. |
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