05 APRIL 2018 – MUB cargo, an online marketplace for B-to-B and B-to-C cargo and parcels of all sizes, completes its Seed Funding round led by Castel Capital, raising in excess of euro 500 000. The completion of this Seed Funding round complements an initial seed investment, made by Brain Capital (a Portuguese based VC), in Q1, 2017.
Since its inception in Braga (Portugal) in 2016, has established - and substantially grown - its business as an intermediation marketplace for cargo transports in Portugal. During this initial phase, MUB cargo’s approach has proven to be an efficient tool to match customers’ needs in delivering competitive transport prices with unused spare capacity in the transport market.
An Effective Partnership between Castel Capital & MUB cargo being built
"Castel Capital is an investor and a strong partner experienced in scaling-up promising start-ups into multi-national players. They are hands-on and deeply involved. Being able to tap into their network, gives a further boost and credibility to our team and to the project we are passionately working on", said Carlos Palhares, founder of MUB cargo.
MUB cargo expanding into a new geographic market
The company, incubated at Startup Braga, is now scaling up. Besides consolidating its position in Portugal, MUB cargo will use the new funds to expand its geographic footprint into Spain. A new office will be opened in Madrid in Q2 2018, which will allow MUB cargo to connect Spanish transport needs with Spanish transporters.
MUB cargo’s technology platform has been upgraded
In Q1 2018, MUB cargo launched an upgrade of its on-line platform, with major usability and user experience enhancements. The upgraded software allows for an efficient, two-way system for obtaining transport quotes: 1) immediate and automatic quotes, calculated according to the conditions presented by the customer, or 2) an online auction, organised between the network of transporters enrolled in the platform.
For more information on the company, please visit www.mubcargo.com