INSUBCONTINENT EXCLUSIVE:
Cargo, the startup that helps ridesharing drivers earn money by bringing the convenience store into their vehicles, has raised $22 million
in a Series A round led byFounders Fund.Additional investment came from Coatue Management, Aquiline Technology Growth and a number of
high-profile entertainment, gaming and technology executives that include Zynga founder Mark Pincus, Twitch former CSO Colin Carrier, media
investor Vivi Nevo, former NBA commissioner David Stern, Def Jam Records CEO Paul Rosenberg, Steve Aoki, Maria Shriver and Patrick and
Christina Schwarzenegger.To date, Cargo has raised$30 million in venture funding
As part of this latest round,Founders Fund partner Cyan Banister is joining the board.Cargo provides qualified ridesharing drivers with
free boxes filled with the kinds of goods you might find in a convenience store, including snacks and phone chargers
Riders canuse Cargo mobile web menu on their smartphones (without downloading an app) tobuy what they need
Cargo has previously partnered withKellogg&s, Starbucks and Mars Wrigley Confectionery — companies looking for ways to market their goods
to consumers.&In just a few years, ridesharing has evolved from a niche service to an indispensable element of our global transportation
system,& Banister said in a statement
&Founders Fund is excited to supportCargoin driving the next evolution: a better on-trip experience for riders and new revenue generating
opportunities for drivers.&The round follows Cargo partnership with Uber and an international licensing deal with Grab
The company, which was founded in 2017, has activated more than 12,000 drivers across 10 cities.Cargo says it will use the capital to scale
It also working on new digital services — a development Banister eludes to — that will improve users on-trip experience
The strategic investments from gaming and entertainment executivesis designed to help Cargo develop those digital services for riders.&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,& Cargo founder and CEO Jeff Cripe said in
&We brought riders instant commerce, now we&ll help them discover and enjoy games, music, and entertainment on one in-car platform.&Existing
Cargoinvestors participating in the round include CRCM Ventures, Rosecliff Ventures, Kellogg 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.
