Nuvocargo has closed a $12 million Series A funding round led by QED Investors, bringing its total funding to $17.3 million. Existing invesotrs NFX, ALLVP, MAYA Capital, Magma Partners, One Way Ventures, Ride Ventures and more also participated in the funding round.
The company will use the funds to ramp up its product roadmap and hiring.
“While on the surface Nuvocargo appears to be primarily a logistics company, our vision has always been to build an all-in-one digital platform to simplify trade for businesses across the Americas,” says Deepak Chhugani, founder and CEO of Nuvocargo. “One of the biggest components of that vision is deeply rooted in the movement of money and payments for the international supply chain. Nuvocargo will soon offer products and services that help truckers, SMBs, and businesses across countries with multiple pain points that go beyond the actual movement of goods.”
- The company will invest more aggressively in engineering, product, design, analytics and marketing while continuing to invest in sales & operations.
- Additionally, earlier in March, Nuvocargo announced a platform upgrade with new tracking features available in English and Spanish that provide shippers with enhanced visibility and the ability to track and monitor their cargo shipments all in one place.