CargoX, an autonomous delivery platform headquartered in the UAE, successfully secured $250M in funding from a consortium of investors led by BlueFive Capital. This capital injection is poised to accelerate CargoX’s growth trajectory and enhance its operational capabilities across the region.
Under the leadership of Tomaso Rodriguez, the former CEO of Talabat, CargoX is set to leverage Rodriguez’s extensive experience in scaling companies.
Rodriguez expanded the firm’s presence more than ninefold, culminating in a $2B initial public offering in 2024, marking the largest technology IPO globally in FY24.
Backed by Mumtalakat
Mumtalakat, the Bahraini sovereign wealth fund, holds a “anchor stake” in Abu Dhabi-based private equity company BlueFive Capital.
CargoX utilises driverless delivery vehicles to address a diverse range of logistics needs, from last-mile to long-haul transportation. The firm anticipates launching commercial operations in Abu Dhabi and Dubai shortly.
CargoX Partnerships
CargoX forged partnerships with prominent e-commerce, retail, and logistics firms, engaging with vital regulatory bodies, including the Dubai Roads and Transport Authority and Abu Dhabi Mobility.
The recent funding round will be pivotal in expanding CargoX’s autonomous logistics network across the UAE and international markets. The capital will also facilitate ongoing investments in vehicle technology, operational infrastructure, and strategic collaborations.
BlueFive Capital, one of the fastest-growing investment managers globally, manages $15B in AUM and operates from the ADGM.
Stay Up to Date with the Latest Updates at Finance ME
Dubai Introduces Second Stimulus Package Totalling $408M
EDGE’s Rodrigo Torres on Risk, Sovereignty and Defence Finance in a Multipolar World
Hormuz Strait Sanctions Raise Risks for Insurers and Banks
