NEW YORK — Cargo, an in-car commerce platform for rideshare services such as Uber, has raised $5.5 million in financing from CRCM Ventures and eighteen94 capital, Kellogg Co.’s venture capital fund. Other investors include Techstars Ventures, Fontinalis Partners, Detroit Venture Partners, Rosecliff Ventures, RiverPark Ventures and Chaifetz Group.
Cargo launched last June with a hardware- and software-enabled platform that allows drivers to earn additional income by selling snacks and other items to passengers. About 19,000 drivers have signed up for Cargo, and packaged food companies including Kellogg and Mars, Inc. use Cargo as a marketing and distribution channel, according to the company.
|Jeff Cripe, c.e.o. and founder of Cargo|
“The rise of rideshare and fleets of autonomous vehicles create a new class of real estate,” said Jeff Cripe, chief executive officer and founder of Cargo. “Our mission is to develop that real estate for car owners and consumers, and to become their go-to provider for all in-car services.”
The company plans to use the funding to expand beyond test markets of New York, Chicago and Boston.
Launched in June 2016, eighteen94 capital has made a handful of investments to date in such companies as Kuli Kuli, Bright Greens and MycoTechnology. Cargo represents the fund's first channel investment, said Simon Burton, managing director of eighteen94 capital.
|Simon Burton, managing director of eighteen94 capital|