Cargo has raised $5.5 million of seed financing from CRCM Ventures, Kellogg's venture capital fund eighteen94 capital, Techstars Ventures, Fontinalis Partners, Detroit Venture Partners, Rosecliff Ventures, RiverPark Ventures and Chaifetz Group.
Cargo is merging convenience retail and transit as ridesharing and autonomous vehicles disrupt the $875B C-Store industry, 80% of whose retail locations are gas stations dependent on car ownership. In partnership with major rideshare companies, Cargo enables drivers to earn more money and better ratings by providing their passengers with affordable access to essential products during their trip. In turn, rideshare companies get improved driver retention and brands get scalable, unique access to premium consumers.
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