After Uber partnership, Cargo raises $22.5 million to scale its in-car commerce service globally

In-car commerce startup Cargo has raised $22.5 million in a series A round of funding led by Peter Thiel’s Founders Fund, with participation from Coatue Management, Aquiline Technology Growth, CRCM Ventures, Rosecliff Ventures, Kellogg’s Eighteen94 capital, RiverPark Ventures, and a series of notable individual investors, including Zynga founder Mark Pincus and Def Jam Records’ CEO Paul Rosenberg.

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NewsJeffrey CripeVenture Beat
Cargo raises $22 million for its ride-hailing snack boxes

Cargo is said to be beginning to look beyond ride-hail, first by quietly experimenting with home-sharing hosts.Cargo, a startup that provides ride-hailing drivers with snack boxes and other items passengers can purchase, raised $22 million in Series A funding at a valuation just south of $100 million. Founders Fund led, and was joined by Coatue Management, Aquiline Technology Growth, and a number of entertainment executives also participating.

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NewsJeffrey CripeAxios
Uber strikes exclusive deal with Cargo on in-car commerce

Partnering with Uber solves two problems for Cargo: It helps the startup reach drivers directly and gives it an endorsement by a well-known ride-hailing company. Some drivers may have been wary that Uber or Lyft wouldn't approve of their in-car side sales, but now it'll be easier for the Cargo to reach drivers through the exclusive deal. Currently, customers request and pay for the items through Cargo's mobile site, but it's not a stretch to see how Uber could one day integrate a Cargo purchasing functionality into its core app, which would likely lead to higher adoption by riders and more sales.

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