PayCargo is entering growth mode after raising $130 million in new capital.
The Coral Gables startup's series C financing round was backed by Blackstone, an investment firm with $915 billion in assets under management. That funding will make it possible for PayCargo to develop new products and expand both domestically and internationally.
In a statement, PayCargo CEO Eduardo Del Riego said the partnership "lays an important role in furthering our commitment to transforming the movement of goods and fostering increased efficiencies through [our] platform."
PayCargo, a payment firm for cargo and shipping businesses, has more than 67,000 active users on the platform. Its technology facilitates payments for companies in the ocean, air, trucking and rail industries, resulting in faster paydays and quicker cargo releases for businesses.
More than 5,000 logistics vendors are in PayCargo’s network, including DHL, FedEx, United Cargo, UPS and American Airlines Cargo.
"Blackstone's experience in the logistics, supply chain, and e-commerce space will be invaluable for PayCargo as we continue to expand globally," Del Riego said.
The investment comes about a year after PayCargo secured $125 million in an fundraising round led by Insight Partners – one of South Florida's largest venture capital deals of 2021. It has raised about $290 million total.
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