Narayan AmmachchiNowports, a Mexican digital freight forwarder, won unicorn status after it raised US$150 million in a Series C funding round led by Japanese conglomerate Softbank.
The Monterey-based startup said it will use the proceeds from the funding round to acquire more cutting-edge tech solutions and expand operations to newer markets in the region.
Nowports, which also offers financing and cargo insurance for logistics firms, makes the supply chain transparent, helping businesses track the shipment of goods from the manufacturer to a specific market or to its final point of distribution. One of its technology tools is designed to help businesses acquire more merchandise for import and pay for it later.
Nowports’ success comes at a time when supply chain headwinds have led to a sharp upsurge in inflation across the world.
This is Nowports’ third fundraising round. The second one was led by Tiger Global. Other investors who took part in the latest round include Foundation Capital, Monashees, Broadhaven Ventures, Mouro Capital and Base10 Partners.
With operations in seven countries across Latin America, Nowports is the fastest-growing logistic startup in the region. Its presence expanded to three countries this year alone. It is currently gearing up to launch operations in the region’s largest country: Brazil.
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