At Nowports they don’t have trains, planes or ships of their own, but as the fastest growing player in a space called digital freight forwarding, they have just become the new Mexican unicorn by reaching a valuation of $1.1 billion.
It is the first unicorn to leave the city of Monterrey, but in addition, its CEO Alfonso de los Ríos (23 years old), arrives there as the youngest co-founder of a unicorn in Latin America.
“The reality is that it is a responsibility to think much more in the long term, we do not want only to be a unicorn, but to change the entire economy in Latin America through digitization and financing,” De los Ríos told Forbes México. , who has been featured in the Forbes 30 Under 30 list in the United States and in the 30 Promising Businesses of Forbes Mexico. “Being a minor adds a bit of a zest to achievement to break stereotypes in such a traditional industry.”
We recommend: 30 Promises 2021: Nowports and its tech strategy to transform cargo transport
This company that he co-founded at the end of 2018 together with the Uruguayan Maximiliano Casal (director of operations) digitizing import and export processes, has offices in Mexico, Chile, Colombia, Uruguay, Peru, Brazil, Panama and the United States.
Amid a bear market environment in which tech company valuations have declined, Nowports reached this milestone by closing a $150 million Series C investment round, bringing its inception proceeds to $242 million. by investors.
The capital injection was led by the SoftBank Latin America Fund, with contributions from other investment funds such as Tiger Global, Foundation Capital, Monashees, Soma Capital, Broadhaven Ventures, Mouro Capital, Tencent and Base10 Partners.
Likewise, prominent startup leaders such as Daniel Voguel, from Bitso; Ricardo Amper from Incode, Alex Bouaziz from Deel and Roger Laughlin from Kavak joined the round as angel investors.
“We raised funds in these times of uncertainty seeing that as much as the world has an impact on public markets and valuations, in order to survive a recession that seems imminent it is going to need to continue globalizing, which includes many more import processes. and export. If we look historically at economic crises like the one in 2008, these are dates when supply chains were strengthened the most and global trade grew the most. I think investors bet that for logistics there is an opportunity to expand and conquer the emerging markets of the world”, says the CEO of Nowports.
On the platform, all merchandise movements can be tracked, with specialized tracking, in addition to automatic reports, digitized documents, communication, and predictions.
Follow the information on business and news in Forbes Mexico
De los Ríos believes that they have built a “sufficiently talented” team that understands their mission to digitize import and export processes and use that data to finance their clients’ supply chains. At the same time, he highlights the aggressive expansion that they have had in seven countries in less than three and a half years, with a growth rate that he says will accelerate reaching more cities in the markets where they already exist.
“We are excited to invest once again in Nowports, a company that is revolutionizing its industry,” said Juan Franck, managing partner of SoftBank Latin America Funds, through a statement. “In addition to the growing focus on artificial intelligence, big data and IoT to improve the entire import and export chain, we believe that the investment will help Nowports consolidate its presence in the Brazilian market and create new services and solutions, becoming a true reference in innovation in Latin America”.
With a team of 500 people, the company is preparing to hire more people, especially in the area of engineering for technological development.
“We have been growing with an outstanding acceleration and this injection of capital will allow us to continue at that pace to streamline the flow of our operations and reach more corners of the world,” added co-founder Maximiliano Casal.
Follow us on Google News to always stay informed