By Riley Kaminer
Miami startup Cargobot is on a mission to bring freighting into the 21st century. The company has developed a suite of digital tools to reduce disruptions for shippers, boost earning potential for carriers, and provide a straightforward pathway to growth for freight forwarders.
Today, to further this mission, Cargobot announced that it has closed a $6 million Series A round of fundraising led by independent investment management firm BPBI. Majority investor Total Management 2 Inc., which is based in Miami and Mexico City, also participated in this round. Cargobot has raised $13 million total since being founded in 2016.
“We are super happy,” CEO Fernando Correa told Refresh Miami. “We see this fundraise as very successful because it is a confirmation that we are going in the right direction with the company.”
Correa outlined a few areas where Cargobot will be deploying this capital. Top of the list: investing in talent. Correa said that the company plans to hire additional technical team members, as well as salespeople. Currently, Cargobot has a team of around 80 people, with about a dozen based in Miami.
This funding will also be leveraged to spearhead new marketing initiatives. “We are trying to organize our marketing strategy to fit the needs of different sectors, and communicate the right message,” said Correa.
Cargobot will look to use these funds to up the ante when it comes to the innovative nature of their platform – forging partnerships with other tech companies and integrating new features into Cargobot’s suite of tools to provide customers with even more value.
And finally, these funds will propel Cargobot forward on an international scale. The company plans to increase its global footprint to encompass broad swathes of Latin America – Colombia, Chile, Peru, and more – on top of eventually entering the European market through Spain and Middle East through Saudi Arabia. “The most important thing for me is that we have designed one business model that you can apply everywhere internationally,” Correa asserted.
“We believe there are vast possibilities to create efficient, value-added solutions for the $800 billion freight industry through technology, and we stand behind Cargobot’s core management to create these solutions both for shippers and carriers,” commented Eugenio Torres, managing partner at BPBI. “We are confident that Cargobot will become a significant leader in the freight industry and overall supply chain with its transformative, innovative technology.”
And Cargobot has already made waves. In the last year alone, the company has increased its gross profit by 16.5% month-over-month – with an average monthly revenue growth of almost 10% and a monthly increase in average load/transaction size of 6.3%.
Cargbot’s solutions include Cargobot Pool, a cold freight consolidation offering, and a cloud-based platform for freight forwarders called Cargobot SaaS.
Looking forward, Correa hopes to keep the platform as simple and straightforward as possible for customers. “We want shippers to be able to handle their whole interaction in one place. Simplicity is key as we create one of the most amazing technologies for shippers.”
Some of Cargobot’s Miami team. CEO Fernando Correa is also shown at top of post.
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