Cargomatic Gets $35 Million in New Funding
Cargomatic has secured $35 million in additional funding from Warburg Pincus to continue expanding its load-matching business for drayage and shorthaul trucking markets, according to the San Francisco-based firm.
The company helps shippers connect with carriers through an online and mobile load-matching application, and provides tracking data and electronic data interchange services.
Cargomatic raised $8 million in its first funding round, with money coming from Volvo Group Venture Capital, Canaan Partners, Morado Venture Partners, Structure Capital, SV Angel and Sherpa Capital.
The company operates in San Francisco and Oakland, Calif., at the port of Los Angeles and in New York. Cargomatic also formed a strategic alliance with shorthaul rail carrier Genesee & Wyoming to expand the business outside North America.
