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Cargo Wins 22M Financing To Support Rideshare Commerce Growth

NEW YORK CITY -- In-car commerce provider Cargo has announced a $22 million Series A financing round led by Founders Fund, with additional investment from Coatue Management, Aquiline Technology Growth and others. This brings Cargo's venture financing to $30 million. The company said that it will use the capital to continue scaling its domestic and international businesses, while offering riders new digital services to improve the on-trip experience. This financing follows Cargo's exclusive global partner...

September 30, 2018

NEW YORK CITY -- In-car commerce provider Cargo has announced a $22 million Series A financing round led by Founders Fund, with additional investment from Coatue Management, Aquiline Technology Growth and others. This brings Cargo's venture financing to $30 million.

The company said that it will use the capital to continue scaling its domestic and international businesses, while offering riders new digital services to improve the on-trip experience.

This financing follows Cargo's exclusive global partnership with Uber and an international licensing deal with Grab, two of the world's largest rideshare companies. "With the Founders Fund and Coatue investments, Cargo joins a portfolio of the most transformational rideshare, 'last mile' delivery and consumer retail companies in the world," the company observed.

"In just a few years, ridesharing has evolved from a niche service to an indispensable element of our global transportation system," said Founders Fund partner Cyan Banister, who is joining Cargo's board of directors. "Founders Fund is excited to support Cargo in driving the next evolution: a better on-trip experience for riders and new revenue generating opportunities for drivers.

According to Cargo, the success of its  mobile web menu and collaboration with Snap demonstrate riders' appetite for digital media. To develop digital services for riders, Cargo also has secured strategic investments from gaming and entertainment executives.

"Our default behavior in an Uber is to shop, play games, and listen to music on our phones," said Cargo founder and chief executive officer Jeff Cripe. "Riders have ordered more than two million products, and today transact with us every five seconds. We brought riders instant commerce, now we'll help them discover and enjoy games, music, and entertainment on one in-car platform."

Since launching in July 2017, Cargo has activated more than 12,000 drivers across 10 cities – more unique stores in North America than 7-Eleven. Rideshare drivers turn to Cargo for a way to provide a premium experience to riders and earn additional income. Cargo has exclusively partnered with brands like Kellogg's, Mars Wrigley Confectionery, The Coca-Cola Co. and Red Bull for in-car sampling and retail.

Riders seamlessly order products (free and for purchase) from Cargo's mobile web menu on their smartphones, without downloading an app.

Cargo reports that it is the leading in-car commerce provider to the rideshare economy and the exclusive global provider of in-car commerce to Uber. Cargo's platform enables riders in rideshare vehicles to instantly order snacks, gum, premium electronics, cosmetics and personal care items on their smartphones while in transit.