New York—January 22, 2018—Cargo, the leading in-car commerce platform for the rideshare economy, today announced a $5.5 million Seed Preferred financing to expand beyond test markets New York, Chicago and Boston. Investments from CRCM Ventures and eighteen94 capital––Kellogg Company’s venture capital fund––as well as from Techstars Ventures, Fontinalis Partners, Detroit Venture Partners, Rosecliff Ventures, RiverPark Ventures, and Chaifetz Group, bring Cargo’s total funding to $7.3 million.
America’s top rideshare markets are pins on Cargo’s 2018 roadmap. “The rise of rideshare and fleets of autonomous vehicles create a new class of real estate,” said Cargo CEO and Founder Jeff Cripe. “Our mission is to develop that real estate for car owners and consumers, and to become their go-to provider for all in-car services.”
Cargo’s flagship product is a hardware and software-enabled in-car commerce platform that lets drivers earn additional income by distributing snacks, electronics, beauty, and personal care items to passengers. Drivers can earn up to $500 per month from commissions, referrals, and performance bonuses, while increasing their ratings.
Since launching in June, 19,000 drivers have signed up for Cargo across 50 states, 23 countries, and six continents, fueling Cargo’s 55 percentmonth-over-month fleet growth. Progressive global CPG companies like Kellogg Company and Mars Wrigley Confectionery use Cargo as a marketing and distribution channel to reach millennial passengers. Hot new brands like RXBAR, Leaders Cosmetics USA, Blowfish for Hangovers, and Pure Growth Organic are also on board, using Cargo to reach new customers on-the-go in a fresh, convenient, and culturally relevant way.
CRCM Ventures’ investments in the U.S. and China include Musical.ly, Ripple, Drone Racing League, and Chariot. “There is so much focus on autonomous vehicles,” said CRCM Partner Matt Lee, “but very little on the physical and digital goods and services that will power the next-gen passenger experience. Cargo is positioned to lead the autonomous passenger economy.”
“Cargo represents eighteen94 capital fund’s first channel investment. We see huge potential in the new consumer touchpoint within the passenger economy that Cargo is developing,” said Simon Burton, managing director of eighteen94 capital. “Cargo provides brands with innovative opportunities to connect to the consumer in their moment of need. This platform will allow us to gather useful transactional data and collect permission-based consumer insights in real time.”
Cargo is the leading provider of in-car goods and services for the rideshare economy. With access to Uber’s API, Cargo’s in-car commerce platform enables passengers to use a smartphone browser to buy from a curated mix of snacks, gum, premium electronics, cosmetics, and personal care items while in transit. Press assets here. www.getcargo.today
How to transact in-car:
A passenger visits www.cargo.menu on her phone and enters the unique code on her driver’s Cargo box
Passenger selects a product and checks out using her preferred mobile wallet or credit card
Driver receives notification for the order and passes product to passenger