The latest round was joined by two unnamed angel investors.
Kargo is a B2B logistics platform that provides both short- and long-haul trucking delivery services by connecting truck owners and businesses or individuals through a mobile application. It plans to use the fresh capital to further develop its platform and expand outside Myanmar in the next 12 months.
“The Myanmar freight market is expected to grow by 300% in the coming years. With such a fragmented logistics market our platform simplifies trucking through one simple dashboard that manages shipments both across Myanmar to other markets in the region,” said Kargo founder and CEO Alexander Wicks.
As part of the financing, Cocoon Capital managing partner Michael Blakey joins Kargo’s board of directors. “Myanmar is the fastest growing economy in Southeast Asia and logistics is a key industry to support this growth,” he said in a press statement.
Founded in 2016, Kargo was the winner of Seedstars Yangon 2017 and was backed by Seed Myanmar that targets early-stage technology companies. The following year, it raised a six-digit dollar grant from the GSMA Ecosystem Accelerator Innovation Fund.
Prior to raising the latest financing, Kargo had bagged $130,000 through Yoma Bank’s unsecured SME financing scheme.
Last year, Cocoon Capital launched its a $20-million second fund that targets seed-stage tech startups in Southeast Asia.