US$800K In Pre-Series A Funding Secured By Kargo, A Myanmar Based Logistics Startup

Led by Singapore- based venture capital fund Cocoon Capital and the participation from two unnamed angel investors, Kargo, a logistics startup based in Myanmar said that it has raised US$800,000 in a pre-Series A funding round. Cocoon Capital’s US$20 million fund raised last year that targets seed stage tech startups in South Asia has much to do with the investment.

An addition to Kargo’s board of directors post the investment will be of Michael Blakey who is a managing Partner at Cocoon Capital.

Alexander Wicks founded Kargo in the year 2016. The startup functions to provide logistics platform that acts as an end-to-end service for both short and long-haul trucking, connecting individuals and businesses to truck owners through a mobile application. The aim is to develop its platform and expand outside Myanmar in the next 12 months with help of the fresh capital secured.

According to founder and CEO Alexander Wicks of Kargo the Myanmar freight market is expected to grow by 300% in the coming years. With such as a fragmented logistics market their platform simplifies trucking through a single simple dashboard that manages shipments both across Myanmar to other markets in the region.

With the objective of enabling same- day payments to truck drivers on its platform, Kargo the winner of Seedstars 2017 has also formed a partnership with Yoma Bank.

Given that in Southeast Asia, Myanmar is the fastest growing economy, logistics form a key part to support this growing market. According to estimates by Mordor Intelligence, the freight and logistics industry of Myanmar is expected to secure a market value of US$ 7.52 billion in the coming five years with a CAGR of 10.50%

Source: Trend Press Wire

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