Nuvocargo raises series B at $250 million valuation to expand U.S.-Mexico shipping

Jul 8, 2023

Nuvocargo's founders announced a $36.5M Series B at a valuation north of $250M. Founder Deepak Chhugani says: "Despite short-term volatility in both the startup world and in the freight & logistics world, there are also once-in-a-generation tailwinds occurring in both US/MX freight and in the software world with the advent of nearshoring and recent advances in artificial intelligence".

This investment round allows Nuvocargo to continue investing in customers so they can reap the benefits of both of these trends. This round was led by QED Investors and joined by new investors Tresalia Capital, Amador, and the cofounders of Dropbox (Arash Ferdowsi), (Amjad Masad), and Platzi (Freddy & Christian).

As part of the news, Nuvocargo is also announcing expansion of its offering and products to serve all major US/MX border crossings beyond Laredo, TX, where they've been focused since 2020.

New funds are meant to allow Nuvocargo to better address its enterprise-level demands.

It is now expanding its services to all U.S.-Mexico border crossing locations and recently added a customs brokerage offering.
July 2023