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Blackstone leads $60 million round for trucking startup CargoX

Three men stand in front of their trucks.
Photo: CargoX

Brazilian trucking platform CargoX has raised $60 million in new funding led by The Blackstone Group and Hudson Structured Capital Management, Axios has learned.

Why it matters: The trucking industry can be very inefficient, with rigs often carrying half-full payloads. CargoX tries to correct this supply/demand imbalance by matching businesses with truckers who have excess capacity.

Others investors include Goldman Sachs, Qualcomm Ventures, Soros, and Uber co-founder Oscar Salazar.

CargoX currently operates in Brazil, but may eventually expand into other markets, where it could run into Uber, which recently expanded its own freight business.

Clarification: The story was updated to include Hudson Structured Capital Management, which co-led the funding round.