Cargo Cruises To $22 Million Series A Led By Founders Fund And Coatue Management
NEW YORK - September 27, 2018 - Cargo, the leading provider of in-car commerce to the rideshare economy, has announced a $22 million Series A financing led by Founders Fund, with additional investment from Coatue Management, Aquiline Technology Growth, and notable entertainment, gaming, and technology executives. This brings Cargo’s total venture funding to $30 million. Cargo will utilize the capital to continue scaling its domestic and international businesses, while offering riders new digital services that improve their on-trip experience.
This financing follows Cargo’s exclusive global partnership with Uber and an international licensing deal with Grab, two of the world’s largest rideshare companies. With the Founders Fund and Coatue investments, Cargo joins a portfolio of the most transformational rideshare, last mile delivery, and consumer retail companies in the world including Uber, Grab, Didi Postmates, Jet.com, Wish, and Instacart. Other Cargo investors participating in this round include CRCM Ventures, Rosecliff Ventures, Kellogg's eighteen94 capital, RiverPark Ventures, and former Uber executives including Chief Business Officer Emil Michael, New York City General Manager Josh Mohrer, and former West Coast General Manager William Barnes.
“In just a few years, ridesharing has evolved from a niche service to an indispensable element of our global transportation system. Founders Fund is excited to support Cargo in driving the next evolution: a better on-trip experience for riders and new revenue generating opportunities for drivers,” says Cyan Banister, a partner at Founders Fund who is joining Cargo’s Board.
The success of Cargo’s mobile web menu and collaboration with Snap demonstrate riders’ appetite for digital media. To develop digital services for riders, Cargo also secured strategic investments from gaming and entertainment executives including Zynga’s founder Mark Pincus, Twitch’s former CSO Colin Carrier, major media investor Vivi Nevo, former NBA commissioner David Stern, Def Jam Records CEO Paul Rosenberg, Steve Aoki, Maria Shriver, and Patrick and Christina Schwarzenegger.
“Our default behavior in an Uber is to shop, play games, and listen to music on our phone. Riders have ordered more than two million products and today transact with us every five seconds” says Jeff Cripe, Cargo Founder and CEO. “We brought riders instant commerce, now we’ll help them discover and enjoy games, music, and entertainment on one in-car platform.”
Since launching in July 2017, Cargo’s has activated more than 12,000 drivers across ten cities––more unique stores in North America than 7-Eleven. Rideshare drivers turn to Cargo as a way to provide a premium experience to riders and earn additional income. Cargo has exclusively partnered with brands like Kellogg's, Mars Wrigley Confectionery, The Coca-Cola Company, and Red Bull on in-car sampling and retail. Riders seamlessly order products (free and for purchase) from Cargo’s mobile web menu on their smartphones, without downloading an app.
Aquiline Technology Growth
Mark Pincus, Founder of Zynga
Vivi Nevo, Israeli-American Venture Capitalist
Colin Carrier, Former Twitch CSO
Emil Michael, Uber’s former Chief Business Officer
Josh Mohrer, Uber’s former General Manager of New York City
William Barnes, Uber’s former General Manager of West Coast
David Stern, former NBA Commissioner
Paul Rosenberg, CEO of Def Jam Records
Steve Aoki, American Electro House Musician, record producer, DJ, and music
Patrick Schwarzenegger, American Actor
Christina Schwarzenegger, American TV Producer
Maria Shriver, American journalist, Author, and Former First Lady of California
Cargo is the leading in-car commerce provider to the rideshare economy and the exclusive global provider of in-car commerce to Uber. Cargo’s platform enables riders in rideshare vehicles to instantly order snacks, gum, premium electronics, cosmetics, and personal care items on their smartphone while in transit. The company has raised $30 million in venture funding to expand globally. Learn more about Cargo at www.drivecargo.com. Press assets here.