* Sao Paulo - Goldman Sachs leads $10M investment in Brazilian trucking startup CargoX
--- CargoX, a Brazilian startup that has been described as “Uber for trucks,” is announcing that it has raised $10 million in Series B funding... The analogy is kind of irresistible, since Uber co-founder Oscar Salazary is one of CargoX’s investors — he’s certainly seen his share of “Uber for X” pitches, but he told me he sees a big opportunity here due to the fragmentation in the Brazilian trucking market... CEO Federico Vega said that Airbnb is probably a better analogy than Uber, but either way, the company works to connect businesses that need to ship freight with truckers who have excess capacity. Brazil reportedly has an excess of between 300,000 and 350,000 vehicles, with trucks running empty 40 percent of the time, so the goal here is to reduce the number of empty trucks on the highway, increasing revenue for truckers and reducing costs for freight owners... He added that CargoX has a network of 150,000 trucks. In some cases, truckers only contact the company if, say, they’ve made a delivery and are looking for freight to take on their return trip. Other truckers get all their freight from the company — “in an ideal world,” he said, CargoX would work with more and more truckers in that exclusive capacity...
(Photo: CargoX CEO Federico Vega, with his director of logistics Alan Rubio) -- São Paulo, SP, Brazil - TechCrunch, by Anthony Ha - 20 July 2016Labels: techno trucks, trucking industry news Brazil, uber for trucks
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