Myanmar-based trucking startup raises $800k from Cocoon Capital, others

Logistics startup Kargo has raised US$800,000 in a pre-series A funding round led by Singapore-based venture capital firm Cocoon Capital, with participation from two angel investors.

The Kargo team / Photo credit: Kargo

Founded in 2016 by Alexander Wicks, Kargo’s digital application acts as an end-to-end service for both short- and long-haul trucking. The startup will use the new funds to expand to other markets in the next 12 months.

“The Myanmar freight market is expected to grow by 300% in the coming years. With such a fragmented logistics market, our platform simplifies trucking through one simple dashboard that manages shipments both across Myanmar to other markets in the region,” Wicks said in a statement.

Kargo has also partnered Yoma Bank, a large commercial bank in Myanmar, to enable same-day payments to truck drivers on its platform.