Myanmar’s logistics startup Kargo raises $800K in pre-Series A round

Photo: Juliet Shwe Gaung. Sule Pagoda in Yangon.

Myanmar-based logistics startup Kargo on Tuesday announced that it has raised $800,000 in a pre-Series A financing round led by Singapore-based venture capital fund Cocoon Capital.

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.

Also Read:

Myanmar Digest: Yoma loan for Kargo; AsiaCarGroup sets up local platform

Myanmar: GSMA Innovation Fund awards six-digit grants to New Day, Kargo

Seed Myanmar closes six-digit investment in delivery startup

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.