Braga startup MUB Cargo completes a seed investment round of over €500,000 to expand operations into Spain.
MUB Cargo provides shipping services of all sizes of good, from small packages to large containers, thoughout all of Europe at competitive prices. They offer quote comparisons between carriers as well as a garaunteed service follow-up.
This investment round was completed in two phases. The first was in March 2017 and was backed by Brain Capital, a Portuguese investment vehicle.
Read More: MUB Cargo closes investment from BrainCapital
The second phase was backed by Castel Capital, which is headquartered in Amsterdam and invests in seed rounds throughout Europe for startups with an emphasis on technology. Between the two phases, MUB raised over a half-million euros.
Carlos Palhares, CEO and Co-Founder of MUB Cargo, points out the advantages of the partnership with Castel Capital, “this is not only an investor but also a strong partner with extensive experience that will be able to develop the company in its newest phase. This investment lends credibility to our team and the project that we are working on passionately,” he said in a press release.
MUB Cargo will also be expanding to a new geographical market – Spain. After establishing themselves firmly as an intermediary marketplace of freight in Portugal, where they excelled at matching the transportation needs of their customers at competitive prices with their ability to identify availability on the part of carriers, they are now looking to expand throughout the Iberian Peninsula.
MUB Cargo was initially incubated at Startup Braga – it is now in a phase of tremendous growth and geographical expansion.
Read More: Meet the 13 intl startups that made this year’s Startup Braga Accelerator program
While at the same time consolidating their success in Portugal, they will also drive investment to expand their geographic reach into Spain by opening a new office in Madrid in the second half of 2018. This will allow MUB Cargo to connect with Spanish carriers for transportation of cargo.
Earlier this week, MUB Cargo launched a new version of its platform, with improvements in usability and user experience. The new version allows the user to obtain new quotes in a more efficient manner.
According to the website, the process of shipping through MUB Cargo involves three steps. First, the user indicates what they want to carry, whether it is a small box, pallet, or larger cargo. Then, the user chooses the carrier by selecting from a quote – or the user can start an auction from among the over 400 carriers. The final step is choosing a payment method and paying directly thorugh MUB Cargo.