Nowports, a logistics startup based in Mexico, has raised $60 million in Series B funding to facilitate international commerce in Latin America by revolutionizing supply chain management.
The series B funding round was led by Tiger Global with participation from SoftBank Latin America Fund, DST, Mouro Capital, Monashees, Base10 Partners, Broadhaven Ventures, and Foundation Capital. The capital brings the total funding raised by the startup to $92.6 million, which places Nowports as the Monterrey-based startup with the most funding received. Matt Pieterse, Investor at SoftBank Latin America Fund, referred to the firm’s participation by stating:
“The current supply chain crisis highlights the need for increased transparency and efficiency in the complex web of global logistics. Nowports’ platform brings international trade online. We are excited to support the team’s mission to modernize the freight business in Latin America.”
Founded in 2018, Nowports is a YCombinator W19 graduate with the mission to help the freight industry reach its next development stage by combining logistics and technology to improve efficiency, transparency, and safety. The startup will use the funding to boost its expansion efforts in brazil, develop the capacity of its offices, and provide its clients with development support. Alfonso de los Rios, Co-founder and CEO of Nowports, said in this regard:
“We are excited about the challenges that we are going to face with this investment—starting with faster growth in the countries where we already are, strengthening the relationship with the Asian countries where we import the most, and reinforcing the digital transformation with more efficient tools and financial facilities. Altogether, Nowports is the most integrated solution for supply chains in Latin America.”
The past 2 years have highlighted the importance of strengthening the supply chain industry to deal with the strain caused by the COVID19 pandemic as a result of legacy management methods. By streamlining the import and export process, Nowports improves visibility in all stages of the supply chain, increasing accountability, and reducing costs.