• The capital infusion will be used to boost salesforce, fintech capabilities, improve platform functionalities, security and compliance, and in AI for freight prediction
• goFlux, currently present in Brazil, plans to expand to Argentina, Paraguay, Uruguay, Mexico and the United States

São Paulo, April 10, 2024: Brazilian LogFintech goFlux, the leader in digitizing and financing agri-freight in Brazil, has raised Series A worth USD 6 million (around R$ 30 million). 

The round was led by Capria Ventures, a Global South specialist venture capital investing in applied Generative AI. The round also saw a follow-on investment from SP Ventures, which had led the first round in 2021. New international investors such as The Yield Lab Latam (Argentina), Blue Impact Global, Reflect Ventures, Arrebol Capital, as well as other investors based in the US and Switzerland, also participated. 

This is goFlux’s second funding round after it raised R$6 million in 2021.

Rodrigo Gonçalves, Founder and CEO of goFlux, said: “The success of this oversubscribed funding round gives us the confidence that we are on the right path. Our investors see immense potential in our unique business model, execution capacity, and our sustainable growth trajectory in Brazil and Latin America. The main highlight of this round is the interest from the international market, with 90% of investors from outside Brazil.”

Will Poole, Managing Partner, Capria Ventures, said: “From the outset, we were impressed with the team’s vision and execution capabilities to revolutionize the agricultural freight landscape in Brazil and beyond. We see a huge opportunity for goFlux to not only promote access to underbanked SME carriers through its factoring product but also to apply Generative AI to enhance productivity and help their customers with easier decision-making and strategic planning in a complex data-rich domain.”

goFlux will use the proceeds of the round to boost salesforce, fintech capabilities, improve platform functionalities, security and compliance, and also invest in AI for freight prediction. 

“We will reach break-even in the second half of the year. Our first focus will be to allocate these resources towards the Credit Rights Investment Fund (FIDC) created this year. It will be available on our digital platform in the form of goFlux NaConta, a product for anticipating receivables exclusively for the 3,000+ transport companies registered on the platform,” Gonçalves said.

The funds will also be used to invest in goFlux View, a solution integrated with the contracting platform that brings predictive intelligence and offers a future view of freight behavior in the market. Using GenAI to enable plain-language ad-hoc queries of complex information sources, goFlux View will have more reach and better insights for decision-making than any alternate solution.

In 2023, goFlux’s platform transacted 42 million tons of cargo (approximately USD 1.5 billion). The company now plans to expand its presence in important markets besides agribusiness, such as food, pulp and paper, civil construction, and steel.

You can read more about why we invested in goFlux here.