Cargomatic Rebuilds C-Suite
New Team Designed to Spur Growth & Innovation
Long Beach, CA – July 9, 2019 – Following a $35 million Series B funding round in late 2018, Cargomatic, Inc. has been busy filling out the C-Suite with a talented and experienced team designed to spur innovation and growth for the local freight-matching marketplace.
FreightWaves features commentary from Market Voices – contributors with unique knowledge of numerous transportation/logistics/supply chain sectors, as well as other critical expertise.
In the Stone Age of transportation brokerage – the 1980s – technological innovations came in the form of new equipment purchases in an effort to speed up transactions. This might be a second telephone on the desk, one of those cradles attached to a phone to hold it to a user’s ear from the shoulder, a new Rolodex or a fax machine. As the internet age took shape into the 1990s and early 2000s, a few entrepreneurs began building the first “digital brokerages.” Companies like FreightQuote.com, GlobalTranz and Echo Global Logistics launched their “Expedia for Freight” sites and have all gone on to tremendous success.
When smart phones and Uber showed us a new way to dispatch in 2013, a new breed of digital brokers was born. Companies like Cargomatic…
A $35 million injection will help the business expand after its rocky start in the freight load-matching technology sector
“Freight load-matching specialist Cargomatic Inc. has raised $35 million in new backing as the company rebuilds after a rocky startup period when the business burned through cash and coped with a flurry of employee departures.
The Series B funding round, led by private-equity firm Warburg Pincus, will help the Long Beach, Calif., company expand into new markets and hire more staff, Cargomatic said Wednesday.”