Cargofive Raises €2.5 Million in Funding

by Kay Aloha Villamor in March 27th, 2024

Cargofive, a Lisbon, Portugal-based company that provides a digital platform for freight forwarders, has raised €2.5 million in an extended funding round. 


This round saw the new participation of prominent venture capitalists Indico Capital and EIT Urban Mobility. 

Indico Capital Partners is a leading independent Venture Capital fund manager based in Portugal. It invests in Iberian-related global and sustainable technology companies. Indico's range of investments spans from Pre-Seed to Series B (100k to 10M euros) in Portuguese and Spanish startups. 

EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union, aims to accelerate solutions and the transition towards a user-centric, integrated, and truly multimodal transport system. 

Cargofive Use of Funds 

The extended funding round will primarily be allocated towards expanding marketing and sales efforts for strategic growth across Europe and the Americas, accelerating product development to enhance Cargofive's offerings, and integrating new Ocean and Inland services to expand the company's logistics footprint. 

About Cargofive 

Founded in 2018 by Juan Francisco Garabato, Julio Avila, Andrea van der Biest, and Sebastian Cazajus, Cargofive is a freight forwarding company that provides logistics solutions focusing on optimizing and automating the pricing process for maritime shipping. The company offers a platform for procurement and quoting by centralizing and standardizing freight rates from various carriers, enabling freight forwarders to manage rates and generate quotes efficiently. Their platform leverages technology, data analytics, and machine learning. Cargofive’s diverse client base includes over 100 small, midsize, and top 50 freight forwarders worldwide.  

Funding Details       

Company: Cargofiv, LDA   

Raised: €2.5M  

Round: Unknown  

Funding Month: March 2024      

Investors: Indico Capital and EIT Urban Mobility  

Company Website:  

Software Category: Logistics Solutions  


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