Nuvocargo raises $20.5 million

Nuvocargo, a digital logistics platform for cross-border trade between the U.S. and Mexico, has raised $20.5 million in a round led by Tiger Global Management at a $180M post money valuation. Additional investors include The Flexport Fund, Kavak COO Federico Ranero and existing backers such as QED Investors, NFX and ALLVP.

Founded in 2019, the NY-based startup offers freight forwarding, customs brokerage, cargo insurance and supply chain financing. It combines technology with a team of experts to integrate end-to-end movement of cargo in a single platform.

“A truckload from Mexico to the U.S. will have to hire a trucking company in Mexico. To find that company, you might have to go through a broker. Then when the truck gets to the border, you have to deal with all this paperwork to actually get an export out of Mexico imported into the U.S. You also have to then hire another company to help you move the trailer from Mexico to the U.S. With our flagship offering, we go to companies and say, ‘we can take care of that entire experience for you.’” We have the infrastructure, the transportation network, the compliance and the software to help you move those products end to end. It’s kind of a one-stop shop. In that way, we become an extension of our customers.” – Nuvocargo co-founder and CEO Deepak Chhugani.