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Cargamos, a Mexican last-mile logistics company, announced that it received a complementary round of $ 7 million dollars. It now totals $ 11 million dollars in seed capital that it will use to accelerate the company’s initial growth stage.
Investment firm Nazca Ventures led this seed round. Other investors include the investment arm of FEMSA, the company that bottles and distributes Coca-Cola products in Mexico, and also owns the Oxxo convenience stores; Carlos García Otatti, founder and CEO of Kavak; and Ricardo Weder, founder and CEO of Jüsto.
These last two companies are also part of Nazca’s investment portfolio. The firm has previously invested in other companies in the e-commerce ecosystem in Mexico, such as Ben & Frank, Luuna, and Petsy.
Growth in the last-mile delivery sector
Cargamos seeks to dominate same-day delivery not only in Mexico, but throughout Latin America. It currently operates 50 small distribution centers within and close to Mexico City that allow a faster distribution of packages. Due to the strategic location of these centers, the average delivery time to the end customer is 2 hours.
With the new investment, Cargamos will seek to double the number of distribution centers to serve 75 more cities in the country. The company will also seek to enter Colombia and the United States in the mid to long term.
Some of Cargamos’ current business partners in Mexico are the Liverpool department stores, Elektra, MercadoLibre, Canasta Rosa, and the Converse e-commerce site.
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