Def Jam's Paul Rosenberg, Steve Aioki invest in in-car commerce startup Cargo .@GetCargoToday

Def Jam's Paul Rosenberg, Steve Aioki invest in in-car commerce startup Cargo

Notable entertainment, gaming, rideshare executives invested as Cargo prepares to offer riders digital services across its domestic and international businesses
Cargo now operates more unique storefronts in North America than 7-Eleven

Cargo, the leading provider of in-car commerce to the rideshare economy, has announced a $22 million Series A financing led by Founders Fund, with additional investment from Coatue Management, Aquiline Technology Growth, and notable entertainment, gaming, and technology executives. This brings Cargo’s total venture funding to $30 million. Cargo will utilize the capital to continue scaling its domestic and international businesses, while offering riders new digital services that improve their on-trip experience.

This financing follows Cargo’s exclusive global partnership with Uber and an international licensing deal with Grab, two of the world’s largest rideshare companies. With the Founders Fund and Coatue investments, Cargo joins a portfolio of the most transformational rideshare, last mile delivery, and consumer retail companies in the world including Uber, Grab, Didi Postmates,, Wish, and Instacart. Other Cargo investors participating in this round include CRCM Ventures, Rosecliff Ventures, Kellogg's eighteen94 capital, RiverPark Ventures, and former Uber executives including Chief Business Officer Emil Michael, New York City General Manager Josh Mohrer, and former West Coast General Manager William Barnes.

“In just a few years, ridesharing has evolved from a niche service to an indispensable element of our global transportation system. Founders Fund is excited to support Cargo in driving the next evolution: a better on-trip experience for riders and new revenue generating opportunities for drivers,” says Cyan Banister, a partner at Founders Fund who is joining Cargo’s Board. 

The success of Cargo’s mobile web menu and collaboration with Snap demonstrate riders’ appetite for digital media. To develop digital services for riders, Cargo also secured strategic investments from gaming and entertainment executives including Zynga’s founder Mark Pincus, Twitch’s former CSO Colin Carrier, major media investor Vivi Nevo, former NBA commissioner David Stern, Def Jam Records CEO Paul Rosenberg, Steve Aoki, Maria Shriver, and Patrick and Christina Schwarzenegger.
“Our default behavior in an Uber is to shop, play games, and listen to music on our phone. Riders have ordered more than two million products and today transact with us every five seconds” says Jeff Cripe, Cargo Founder and CEO. “We brought riders instant commerce, now we’ll help them discover and enjoy games, music, and entertainment on one in-car platform.”

Since launching in July 2017, Cargo’s has activated more than 12,000 drivers across ten cities––more unique stores in North America than 7-Eleven. Rideshare drivers turn to Cargo as a way to provide a premium experience to riders and earn additional income. Cargo has exclusively partnered with brands like Kellogg's, Mars Wrigley Confectionery, The Coca-Cola Company, and Red Bull on in-car sampling and retail. Riders seamlessly order products (free and for purchase) from Cargo’s mobile web menu on their smartphones, without downloading an app.

Def Jam's Paul Rosenberg, Steve Aioki invest in in-car commerce startup Cargo .@GetCargoToday Def Jam's Paul Rosenberg, Steve Aioki invest in in-car commerce startup Cargo .@GetCargoToday Reviewed by FADED4U on September 30, 2018 Rating: 5

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