The Colombian trucking and logistics services startup Liftit has raised$22.5 million in a brand-new round of funding to profit from its newfound traction in markets throughout Latin America as actions to the COVID-19 epidemic bring changes to the market across the area.”We’re focusing on the 5 countries that we’re already in,” says
Liftit president Brian York. The company just recently employed a head of operations for Mexico and a head of operations for Brazil as it looks to double down on its success in both regions.
Financing for the round was led by Cambridge Capital and included financial investments from the new Latin American-focused firm H20 Capital together with Air Conditioning Ventures, the endeavor arm of the second-largest Coca-Cola bottler in LatAm; 10x Capital, Banyan Tree Ventures, Alpha4 Ventures, the underwear brand Leonisa; and Mexico’s biggest long-haul trucking business, Grupo Transportes Monterrey. Specific investor Jason Radisson, the former chief operating officer of the on-demand ride hailing&startup 99, likewise invested. The new capital begins top of Liftit’s$14.3 million Series A fromsome of the area’s leading regional investors. Firms like Monashees, Jaguar Ventures and NXTP Ventures all signed up with the International Financing Corp. in funding the business previously and all went back to back the business once again with its new funding. Financiers most likely reacted to the business’s strong efficiency in its core markets. Currently rewarding in Chile and Colombia, Liftit anticipates to reach profitability throughout all of its operations before the end of the year. That’s in spite of the international pandemic. Of the 220 agreements the business had with shippers, half of them went to absolutely no and the other half spiked substantially, York said. While Liftit’s major Colombian client stumbled, brand-new organisation, like Walmart, saw big spikes in deliveries and use. “Managing truck chauffeurs is exceptionally challenging, and trucking, in our viewpoint, is not on-demand, “stated York.
“At the end of the day the trucking market in all of Latin America is a majority of independent owners. They’re not trying to find on-demand work … they’re looking for full-time work.” Less than 1%of the business’s deliveries originate from on-demand orders; instead, it’s a service consisted of arranged shipments with enhanced paths and
performances that are bringing clients to Liftit’s virtual door. “We do scheduled trucking shipment so we integrate with existing systems that shippers have and start planning the number of trucks they’re going to need and the paths they’re going to take
and … tee it up exactly what is going to occur regardless what the traffic conditions are so we have had the ability to decrease the delivery times for the trucks,”said York. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.