Latin American Freight Forwarder Nowports Secures $ 60 Million Funding
Nowports, a digital freight forwarder based in Monterrey, Mexico, closed a Series B funding round, securing $ 60 million.
The 3-year-old logistics start-up said it was looking to raise capital to be able to achieve “aggressive growth” in Brazil, develop the capacity of its current offices and support the development of its customers.
Nowports claims to streamline the import and export processes of Latin American companies by improving supply chain visibility. As a digital freight forwarder, the company can provide its customers with financing services and freight insurance, according to Nowports.
Nowports has offices in Mexico, Chile, Colombia, Uruguay, Peru and Brazil. The Peru office is almost 3 months old. The Brazil office is strategic because of Brazil’s role in global maritime trade, according to Nowports.
“We are excited about the challenges we will face with this investment – starting with faster growth in countries where we already are, strengthening relationships with Asian countries where we import the most and strengthening digital transformation with financial tools and facilities. Overall, Nowports is the most integrated solution for supply chains in Latin America, ”co-founder and CEO Alfonso de los Rios said in a statement.
|Funding amount||$ 60 million|
|Fundraising round||B series|
|Principal investor||Global Tiger Management|
|Secondary investor||SoftBank Latin America Fund, DST, Mouro Capital, Monashees, Base10 Partners, Broadhaven Ventures, Foundation Capital|
|Business goals for the cycle||Pursue growth opportunities in Brazil, expand offices and support customer development|
|Total funding||$ 84 million in Series A and B|
Less than five months ago, the company closed its Series A funding round, raising $ 24 million, Nowports said Thursday.
“The current supply chain crisis highlights the need for increased transparency and efficiency in the complex web of global logistics. Nowports’ platform brings international commerce online, ”said Matt Pieterse, investor at SoftBank Latin America Fund.
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