Brazilian Logistics Startup Raises $10 Million From Goldman, ex-Uber Exec
CargoX, founded by a former J.P. Morgan Chase JPM 0.28 % & Co. banker, recently launched a network in Brazil to help truckers find cargo for empty trips and find the most efficient routes, aiming to emulate how Airbnb Inc. connects people with empty homes to travelers.
With the new funding, set to be announced Wednesday, it now counts Goldman, Oscar Salazar—who was part of the early team that helped build Uber Technologies Inc.—and asset manager Valor Capital Group LLC among its backers.
The company claims some 150,000 truck operators in its network, including 1,000 trucks contracted to move fruit for the Olympics starting in August in Rio de Janeiro.
Federico Vega, the CargoX chief executive who began his career as an investment banker for J.P. Morgan in London, also recruited programmers from the bank who built pricing models.
Pricing freight is like the currency market; there is little transparency and wide fluctuations, said Mr. Vega in an interview.
We think we can build a multibillion dollar company in Brazil, and we plan to expand internationally.