October 2, 2022
Mexico's Nowports gains unicorn status after SoftBank-led funding round

Nowports founders Alfonso de los Rios and Maximiliano Casal pose for a handout photo in Miami, Florida, U.S., December 9, 2021. Picture taken December 9, 2021. Nowports/Handout via REUTERS

MEXICO CITY, May 24 (Reuters) – Logistics startup Nowports became Mexico’s newest “unicorn” when it announced on Tuesday that its valuation had climbed to $1.1 billion after a recent investment round led by SoftBank’s (9984.T) Latin America Fund.

The startup, founded in 2019, closed a $150 million Series C round with investors, which included SoftBank, Tiger Global, Foundation Capital and Monashees among its backers.

Nowports, which operates as a digital cargo agent and aims to simplify international trade, plans to use the capital for its planned expansion in Latin America at a time when markets are still grappling with supply-chain disruptions and currency volatility due to the coronavirus pandemic and the war in Ukraine.

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