CargoX Brazil Transforms The Trucking Industry
How 'Uber For Trucks' in Brazil Quietly Achieved a run Rate of $200 Million in Only six Years
Among American startups, the race has begun to introduce technology to the trucking industry, with large sums of money raised and major players, such as Uber and Amazon, getting involved. However, in Brazil, businessman Federico Vega is content to develop a trucking challenger of his own, CargoX, away from that publicity. This venture now boasts yearly revenue of $200 million.
If he had not set up his CargoX Brazil business in its' current location, Vega's achievements to date would have made him much more famous in tech communities. Since its' 2011 launch, CargoX has expanded in six years to be one of Brazil's top ten players in the trucking industry. Also, it is the third biggest on the planet, with 2.6 million lorries on the roads. If a firm like Unilever has to transport cargo somewhere unexpectedly, it can hire drivers using CargoX's app. The startup will handle the shipping, insurance and risk. In return, CargoX receives a cut of roughly fifteen percent.
"In America, people wish to develop another Facebook and break new ground. However, in Latin America, there are many big established industries, such as trucking, which are still ripe for development" said Vega. "I said to myself, I am from Latin America, so that gives me a certain advantage. Moreover, I had the technological background and desire to bring the project to life and make a success of it".
CargoX - (English)