Nowports Hits Unicorn Status With $1B Valuation After New Funding

With an investment of US$150 million, Nowports, a logistics startup, has become Mexico’s new unicorn.

The Digital freight forwarder, announced Tuesday it has secured the $150 million in a funding round led by Softbank Latin America Fund.

The series C round has landed the company a $1.1 billion valuation, helping Nowports become one of the most valuable companies in Mexico.

“We are excited to earn the trust of large investment funds and join the short list of unicorns in Latin America. This reinforces our commitment to transform the region’s supply chains with technology and agile access to financing for companies that import or export goods,” said Alfonso de Los Rios, co-founder and CEO of Nowports.

In the first quarter of the year, Nowports launched operations in Panama and opened offices in Concepción (Chile), and Medellín (Colombia), resulting in 10 active offices in seven countries. In addition, the Mexican company increased its number of employees to more than 500.

With this investment, they plan to expand further in Latin America to serve markets that continue to experience supply chain disruptions due to the pandemic and Russia’s conflicts with Ukraine.

In addition, the new Mexican unicorn will grow its team with more talent. All areas will grow, through engineering for technological development.

Nowports says, it aims to digitally streamline the import and export processes of Latin American companies, especially small and midsize enterprises, by improving supply chain visibility. The company also provides customers with financing services and cargo insurance.