PayCargo raises $35M from Insight for its cloud-based platform targeting the freight industry

Shipping has long been one of the more antiquated, and least technological, segments in the world of commerce, with its physical aspects -- rooted in massive cargo tankers, giant fleets of aircraft and trucks, and trains of linked-up containers -- underscoring some of the more obvious analogue attributes of the business. The investment is coming from a single, high-profile investor, Insight Partners, which back in April announced a monster $9.5 billon fund that it planned to use not just to support portfolio companies through the global health pandemic, but to seek out new opportunities emerging in the wake of it. Eduardo del Riego, the CEO (PayCargo was co-founded by COO Juan Carlos Dieppa and chairman Sergio Lemme), said that while the cargo industry has faced a lot of turmoil with the pandemic -- production in some places grinded to a halt, social distancing rules created new challenges for how shippers could work and move physical goods -- it also highlighted how solutions like PayCargo's were essential in getting things working properly again.

from Yahoo Tech https://ift.tt/2Gl5nsk