Pranav Kiran · · 1 min readMyanmar-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.
Editing by Charmaine de Lazo
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