Cargo, the startup that provides in-car commerce for the rideshare economy, announced on Thursday (Sept. 27) that it has raised $22 million in venture funding.
In a press release, Cargo said the $22 million in Series A venture financing was led by Founders Fund. Other investors who participated in the round include Coatue Management and Aquiline Technology Growth, along with entertainment, gaming and technology executives.
Cargo said in the press release that to date, it has raised $30 million in total venture funding. The company will use the money to continue to scale domestically and outside of the U.S. Cargo will also use proceeds to create more digital services for riders.
“Our default behavior in an Uber is to shop, play games and listen to music on our phones. Riders have ordered more than two million products and today transact with us every five seconds,” said Jeff Cripe, Cargo's 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.”
According to the company, the financing comes on the heels of inking an exclusive partnership with Uber and an international licensing deal with Grab. “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,” said Cyan Banister, a partner at Founders Fund who is joining Cargo’s board.
Cargo noted that to develop digital services for riders, it also secured strategic investments from gaming and entertainment executives that include Zynga 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.