Companies like Lifit
, the Colombian startup that provides trucking services, and Nowports
, the Mexican freight shipping startup, are capitalizing on booming logistics business in Latin America thanks to increased trade from China.
“In the first half of 2018, Chinese foreign direct investment in Latin America increased to a whopping $15.3 billion at the same time it plummeted in the U.S. to $1.8 billion. And while much of that investment had historically gone to minerals and natural-resource extraction or agriculture, China is also making infrastructure investments — just as it has in Africa.” (Tech Crunch
Latin American logistics companies have caught the attention of large scale investors. CargoX
, the Brazilian trucking company, raised $60 million in its recent round of funding.
Initially backed by Uber co-founder, Oscar Salazar, CargoX has attracted investors such as Goldman Sachs, The Blackstone Group, and Samsung Ventures.