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
$390M
across 9 funding rounds
Key investors in CargoX
Valor Capital Group
Goldman Sachs
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Oscar SalazarQualcomm Ventures
NXTP Ventures
Agility 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.
The $200M round was led by SoftBank Group and Tencent, with participation from Jeb Bush, Inter American Development Bank, Cibersons, Rhombuz VC, Oikos Venture Capital and 4 other investors.
CargoX valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2021 | Series F | $1B |
CargoX Funding History
CargoX has raised a total of $390M across 9 funding rounds.
CargoX's first fundraising round was a $300K pre-seed round in May 2013. 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; Inter American Development Bank; Cibersons; Rhombuz VC; Oikos Venture Capital; Henry Kravis; Valor Capital Group; PIPO Capital; Banco BTG Pactual | $200M | $1B | CargoX is a Brazilian logtech company founded in 2013 and headquartered in Sao Paulo, providing technology solutions and working capital for carriers and small fleet owners, operating as a digital freight marketplace that connects carriers with truck drivers. The platform manages truck logistics in Brazil, linking about 20,000 companies with 400,000 truck drivers for deliveries, positioning it as the largest digital freight broker in the country at the time. It raised a Series F round of $200M on October 21, 2021, with investors including SoftBank Latin America Ventures, Tencent, Lightrock, NXTP Ventures, Oikos, Pattac, Supernova Invest, and Valor Capital Group, bringing total funding to approximately $378M across 11 rounds. A prior Series E round in April 2020 raised $80M at a valuation of $231-$311M. Earlier funding included a $2.86M unattributed round in June 2020. The company's growth focused on expanding its network and services in the logistics sector amid Brazil's freight market. |
| Jun 2020 | Series E | Pattac (lead) | $3M | - | CargoX is a Brazilian trucking marketplace platform. In June 2020, it raised approximately $2.86M in an unattributed round from Pattac, reported as R$15m to expand financing capabilities for truckers. This followed a Series E round of $80M in April 2020 led by Lightrock with participation from Pattac and others. The April 2020 Series E had a valuation range of $231-$311M, making CargoX a unicorn. CargoX continued raising capital, including a $200M Series F in October 2021 led by Tencent and SoftBank. Total funding raised across 11 rounds reached $377.93M with 20 investors. |
| Apr 2020 | Series E | Lightrock (lead); Cibersons; Goldman Sachs; Farallon Capital Management; Valor Capital Group | $87M | - | - |
| Aug 2018 | Series D | Blackstone (lead); Qualcomm Ventures; Soros Fund Management; Oscar Salazar; Goldman Sachs | $60M | - | 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 | $25M | - | 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 | - | - |
| Jul 2014 | Seed | NXTP Ventures; Valor Capital Group | $1M | - | - |
| May 2013 | Pre-seed | Mike Hennessey | $300K | - | - |
Who has invested in CargoX?
25 investors have backed CargoX across its funding rounds, including Valor Capital Group, Goldman Sachs, Oscar Salazar, Qualcomm Ventures, NXTP Ventures and Agility 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 | |
 India | 2 | Participant | Jul 2016 | |
| Miami, FL | 1 | Participant | Nov 2021 | |
| Mike Hennessey | San Francisco, CA | 1 | Participant | May 2013 |
| New York City, NY | 1 | Participant | Jul 2016 | |
| Washington, DC | 1 | Participant | Nov 2021 | |
 Tokyo | 1 | Lead | Nov 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCargoX Competitors
CargoX competitors include listed companies like SMZDM.com and QuinStreet, 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 | - | |
| China | Publicly listed | $192M | $19M | $1B | 4.7x | |
| United States | Publicly listed | $1.3B | $61M | $1B | 0.7x |
CargoX Public Comps
CargoX is still privately-owned, but its public comps include SMZDM.com, QuinStreet, Tripadvisor, Web Travel Group, Trainline, GoodRx, EverQuote, Ixigo, Alma Media and Mony Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $192M | $19M | 4.9x | 4.7x | 47.8x | 42.1x | |||
| $1.3B | $61M | 0.7x | 0.7x | 15.8x | 7.9x | |||
| $1.9B | $160M | 0.6x | 0.6x | 6.8x | 4.2x | |||
| $280M | $86M | 2.7x | 2.6x | 8.8x | 7.0x | |||
| $608M | $221M | 1.9x | 1.9x | 5.3x | 4.8x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $693M | $62M | 0.9x | 0.8x | 9.9x | 5.5x | |||
| $128M | $8M | 5.0x | 4.5x | 83.7x | 57.8x | |||
This data is available for Pro users. Sign up to see all CargoX competitors and their valuation data. Start Free Trial | ||||||||
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 $390M across 9 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, Agility Ventures, Jeb Bush, Mike Hennessey and 15 others. |
| Which companies are comparable to CargoX? | Companies comparable to CargoX include Omio, Koubei, Xeneta, Healthcare.com, SMZDM.com and QuinStreet. |
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