Nowports, a Monterrey, Mexico-based digital freight forwarder, has closed a series B funding round, securing $60 million.
The 3-year-old logistics startup said it is seeking to raise capital so that it can achieve “aggressive growth” in Brazil, develop the capacity of its current offices and support the development of its clients.
Nowports says it streamlines the import and export processes of Latin American companies by improving supply chain visibility. As a digital freight forwarder, the company can provide customers with financing services and cargo insurance, according to Nowports.
Nowports has offices in Mexico, Chile, Colombia, Uruguay, Peru and Brazil. The Peru office is nearly 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 that we are going to face with this investment — starting with faster growth in the countries where we already are, strengthening the relationship with the Asian countries where we import the most, and reinforcing the digital transformation with more efficient tools and financial facilities. Altogether, Nowports is the most integrated solution for supply chains in Latin America,” said co-founder and CEO Alfonso de los Rios in a statement.
| Funding details | Nowports |
|---|---|
| Funding amount | $60 million |
| Funding round | Series B |
| Lead investor | Tiger Global Management |
| Secondary investor | SoftBank Latin America Fund, DST, Mouro Capital, Monashees, Base10 Partners, Broadhaven Ventures, Foundation Capital |
| Business goals for the round | Pursue growth opportunities in Brazil, expand offices and support customers’ development |
| Total funding | $84 million in Series A and B |
The company less than five months ago was closing 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 trade online,” said Matt Pieterse, an investor at SoftBank Latin America Fund.
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