IDB Invest is considering an investment of up to US$15 million in CargoX (the “Company”). The latter is perhaps the largest trucking marketplace and online freight broker in Brazil. CargoX's platform enables truck owner-operators to make use of excess capacity and avoid empty return trips, thus improving freight visibility, reducing shipping costs, reducing emissions, and boosting income for truck drivers.
As the Company grows, it expects to positively impact thousands of truck drivers and small and medium enterprises (“SMEs”) across Brazil and potentially to Latin America. IDB Invest funds will be used for technology building, marketing & sales initiatives and general working capital needs.
During covid-19 emergency crisis, online platforms such as CargoX have become a key tool for resilience for the transport sector and supply chains in Brazil.