Freight forwarding and logistics have long been an industry that relies on disparate workflows, heavily reliant on a pen and paper model despite trillions of dollars of annual trade. The pandemic has led to an increase in digital adoption as the need to continue commerce superseded the industry’s traditional unwillingness towards anything digital. Nuvocargo is an all-in-one digital platform that’s focused on cross-border trade between the US and Mexico, a $600B+/yr market. The company offers freight forwarding, customs brokerage, insurance, and is also looking to make a mark in trade financing. Supporting businesses with unprecedented transparency and efficiency, the company grew revenue 25X during the pandemic with plans to expand its geographic footprint and headcount. AlleyWatch caught up with Cofounder and CEO Deepak Chhugani to learn more about how his own personal paint point with his family’s business led to the need for this business now, the company’s future plans, and latest funding round from investors that include QED Investors, FJ Labs, Clocktower, NFX, ALLVP, MAYA Capital, Magma Partners, One Way Ventures, and Ride Ventures.
The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 4/7/2021 featuring funding details for Grata, Real, and much more.