COMPANY PROFILE

Nuvocargo

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An all-in-one digital platform for cross border trade between USA and Mexico

New York City, United StatesFounded 2018Transportation

Valuation $250–500M Last recorded · 2023

Revenue $10–50M Latest reported FY

Headcount <100 Current team size

Total funding $50–100M Disclosed equity funding

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About Nuvocargo

Nuvocargo operates as a digital-first freight forwarder and licensed U.S. customs broker, concentrating on the cross-border trade lane between the United States and Mexico. The company was founded in 2018 by CEO Deepak Chhugani, who was later joined by co-founder Sam Blackman in 2019. Chhugani's background is deeply rooted in logistics, having grown up in Ecuador around his family's freight forwarding business. This personal experience, combined with his time in investment banking covering Latin America, provided him with a unique perspective on the inefficiencies plaguing the U.S.-Mexico trade corridor, a market characterized by language barriers and cumbersome paperwork. Blackman, originally from New Zealand, brought a strong technical background in software engineering to the venture.

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Nuvocargo provides an integrated suite of services designed to streamline the complexities of overland shipping. Its core offerings include freight forwarding, customs brokerage, cargo insurance, and various financial products like trade financing. The company's business model centers on its proprietary digital platform, NuvoOS, which serves as a single source of truth for shippers, consolidating what would typically involve 10-15 different vendors. This platform offers clients granular, real-time visibility of their shipments, with features like 24/7 GPS tracking and specific updates for border-crossing events. By digitizing and centralizing these processes, Nuvocargo states it can help clients clear customs faster and reduce associated fees.

The company primarily serves businesses that ship at least eight full truckloads per month, catering to a wide range of industries including automotive, food and beverage, and manufacturing. Its client roster includes major brands like The Home Depot, Kimberly-Clark, and Grupo Bimbo. Revenue is generated through its brokerage services and other value-added offerings. Since its launch, Nuvocargo has secured significant venture capital, raising a total of over $74 million through several funding rounds. Notable investors include QED Investors, Tiger Global Management, NFX, and Flexport. The firm's latest Series B round in June 2023 valued the company at over $250 million.

Source: Dealroom company data