Brazil’s goFlux Raises $6M in Series A Led by Capria Ventures

Brazilian LogFintech goFlux, a prominent player in digitizing and financing agri-freight in Brazil, has secured a Series A funding round amounting to USD 6 million (approximately R$ 30 million). Led by Capria Ventures, a venture capital firm specializing in the Global South and investing in applied Generative AI, the round also saw continued backing from SP Ventures, the lead investor in the company’s initial round in 2021. Noteworthy new investors, including The Yield Lab Latam (Argentina), Blue Impact Global, Reflect Ventures, Arrebol Capital, as well as others from the US and Switzerland, participated in the round.

This marks goFlux’s second successful funding round, following a R$6 million raise in 2021.

Rodrigo Gonçalves, Founder and CEO of goFlux, expressed satisfaction with the outcome, stating, “The success of this oversubscribed funding round gives us confidence in our trajectory. Our investors recognize the potential in our business model, execution capabilities, and sustainable growth in Brazil and Latin America. Notably, 90% of investors in this round are from international markets.”

Will Poole, Managing Partner at Capria Ventures, praised goFlux’s vision and execution capabilities, highlighting the significant opportunity for the company to innovate the agricultural freight landscape. Poole noted, “We see a substantial opportunity for goFlux to facilitate access for underbanked SME carriers through its factoring product and apply Generative AI to enhance productivity, aiding customers in decision-making and strategic planning.”

The proceeds from the funding round will be allocated towards strengthening salesforce capabilities, improving fintech functionalities, enhancing platform security and compliance, and investing in AI for freight prediction. Gonçalves elaborated on the allocation of funds, stating, “Our immediate focus is to direct resources towards the Credit Rights Investment Fund (FIDC) created this year, which will be available on our digital platform as goFlux NaConta, a product designed for anticipating receivables exclusively for the 3,000+ transport companies registered on the platform.”

Additionally, investments will support goFlux View, an integrated solution offering predictive intelligence and insights into future freight behavior in the market. Leveraging GenAI, goFlux View aims to provide enhanced reach and insights for decision-making compared to alternate solutions.

In 2023, goFlux’s platform facilitated transactions involving 42 million tons of cargo, equivalent to approximately USD 1.5 billion. The company now aims to expand its presence beyond the agribusiness sector into key markets such as food, pulp and paper, civil construction, and steel.