How Brazil’s ‘Uber For Trucks’ Quietly Reached A $200 Million Run Rate In Just Six Years

Releases| 09/03/2018 - 02:03

Publicado originalmente em: Forbes 

The race is on among U.S. startups to bring tech to the trucking category, with tens of millions of dollars raised and big players like Amazon and Uber in the mix, t. But in Brazil, entrepreneur Federico Vega is happy to build his own trucking challenger CargoX outside that spotlight – one that now boasts $200 million in annualized revenue.

Had he not founded his business in Brazil, Vega’s success so far would’ve made him a much hotter name among tech circles. Since launching in 2011, CargoX has grown in just six years to become one of the top 10 players in Brazil’s trucking market, the third largest in the world with 2.6 million trucks on the road. When a company like Unilever needs to move an unexpected shipment across the country, it can book drivers through CargoX’s app, with the startup handling the shipping, risk and insurance. In exchange, CargoX pockets a cut of about 15 percent.

“In the U.S. people want to build the next Facebook and create a new category, but in Latin America, there are still big categories like trucking untouched,” says Vega. “I thought, I am Latin American, so I have an advantage. And I had the knowledge of technology to bring to it.”

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Redação Cargo X
09/03/2018 - 02:03

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