Letter from the CEO: Announcing Nuvocargo's $20.5M round and the launch of QuickPay
Today, the Nuvocargo team has two exciting announcements to share: we've raised a new round of financing and we're publicly launching our first financial product: QuickPay.
Firstly, Nuvocargo has raised $20.5M at a $180M post money valuation led by John Curtius at Tiger Global, alongside The Flexport Fund and Federico Ranero (COO of $8.7B LatAm startup Kavak) and existing investors such as QED Investors, NFX, among others. You can read more about our existing investors and our most recent $12M raise in April of this year here.
This is an exciting milestone for our entire team and our shareholders. We plan to use the additional funds to keep building towards our vision of modernizing the multi-trillion dollar industry of trade across the Americas and to use these new funds to accelerate our investments in product development, hiring, and growth. This round also further cements Nuvocargo as the leading digital logistics platform for the $800B worth of products moved annually between the US and Mexico, the world's largest inter-country trade lane. You can read more about our fundraise on TechCrunch.
Secondly, we're excited to publicly announce the launch of our first financial product for the carriers on the supply side of our marketplace - QuickPay. QuickPay solves one of the most acute pain points that carriers and truck drivers in our marketplace feel - getting paid after delivering US/MX shipments. On average, a trucking company for US/MX trade gets paid 30 to 90 days after the day they deliver a shipment. With QuickPay, Nuvocargo is changing that by offering payments to our carriers 48 hours after delivery, all layered in our software which streamlines this typically analog payment process. You can read more about QuickPay here.
QuickPay has been in a private beta for a couple of months and has seen exciting adoption, growing 35% weekly on average, is already used by more than 10% of our carriers, and recently surpassing seven figures in annualized gross processing volume. With today's public launch, we expect these numbers to multiply. QuickPay is one of many financial and legal products the Nuvocargo team will launch in the near future as we build the first multi-product platform (transportation, software, payments, financing, customs, compliance) for trade across the Americas.
Our primary goal with announcements like these is to keep attracting phenomenal teammates at the intersection of the US, Latin America, Silicon Valley, and the logistics industry. Out of everything Nuvocargo has achieved thus far, I'm most proud of the incredible team and culture we’ve built; today, our team is 85 employees strong between the US and Mexico, and we expect to grow to more than 200 in the coming 12 months. This means we continue spending most of our time and effort trying to hire the best teammates we can find who are excited about our mission: to unlock the potential of people and companies across the Americas, by simplifying trade.
Logistics represents ~15% of global GDP and is still in the early innings of its digital transformation which will radically change how all of us humans exchange goods globally. The current global supply chain crisis is unprecedented and we can offer you an opportunity to join a fast-growing, well-funded startup and have a real impact in one of the world's most important yet analog industries. We are hiring across every team you can think of in both the US and Mexico (25 open roles and counting). If you don't see a role that makes sense for you, but you believe you're a great fit for Nuvocargo, please email us at join@nuvocargo.com. Come join the adventure and help us modernize the future of trade!
Onwards,
Deepak
Founder/CEO at Nuvocargo
