cargo.one raises USD42m to support expansion

cargo.one raised (17-Dec-2020) USD42 million in Series B funding to support operations in Europe, onboard more airline partners, grow its user base of freight forwarders and expand in North America and Asia. The company stated the funding round was driven by growing demand for digital distribution, as the air cargo industry remains impacted by cost pressures and lack of capacity. cargo.one stated it is "especially focused on growth opportunities in North America, where airlines have been responding to surging demand for air cargo... and benefiting from a solid performance of Asia-North America trade lanes". The funding was led by Bessemer Venture Partners with existing investors Index Ventures, Creandum, Point Nine and Next47. The Series B financing comes six months after a USD18 million Series A funding round. cargo.one increased its user base by 300% between 2019 and 2020 and bookings grew by more than 700% over the same period. cargo.one MD Oliver T Neumann commented: "Soon every freight forwarder in the world will be able to access cargo.one and benefit from the advantages of digital booking". [more - original PR]