PayCargo

PayCargo collects $16M from CargoSprint in FreightTech trademark case

PayCargo, a multimodal freight payment platform, said Tuesday it has collected $16.4 million after the 11th U.S. Circuit Court of Appeals in April upheld a lower federal court decision sanctioning rival CargoSprint for breach of contract and unauthorized use of PayCargo’s federal trademarks.

A judge in the U.S. District Court for the Southern District of Florida in late 2022 ordered CargoSprint to stop using the PayAirCargo name in transactions, social media and other contexts and to pay nearly...

https://www.freightwaves.com/news/paycargo-collects-16m-from-cargosprint-in-freighttech-trademark-case

FreightTech firm PayCargo awarded $11.6M in trademark case

A laptop with a Freight delivery truck icon and someone holding a credit card showing payment.

A federal judge has ordered CargoSprint, an electronic payment and truck appointment platform for air freight logistics providers and cargo facilities, to pay larger rival PayCargo $11.6 million for trademark infringement and breach of contract related to a 2016 settlement between the companies.

The dispute centered on CargoSprint founder Joshua Wolf initially naming the company PayAirCargo in 2012 despite knowing of PayCargo’s existence. The court determined the similar names created confusion...

https://www.freightwaves.com/news/freighttech-firm-paycargo-awarded-116m-in-cargosprint-trademark-case

PayCargo,  fintech for freight, lands $130M from Blackstone Group

Front close up of a large jet with cargo being loaded on the side and stacks of dollars superimposed on the side.

Freight payment platform PayCargo said Wednesday it has secured up to $130 million from  the Blackstone Group, one of the world’s largest private equity firms, to support rapid international expansion, new product development and potential acquisitions.

The series C investment from funds managed by Blackstone Growth represents the largest funding round for 13-year-old PayCargo, which landed $125 million from private equity firm Insight Partners exactly one year ago. Blackstone considers the...

https://www.freightwaves.com/news/paycargo-fintech-for-freight-lands-130m-from-blackstone-group

PayCargo executive van der Walt resigns to focus on daughter’s surgery

Profile photo of a man with an airplane on one side and ocean containers on the other in a blended picture.

Longtime airfreight industry leader Lionel van der Walt has stepped down from his role as chief commercial officer at PayCargo, a digital freight transportation payment portal, to deal with a family medical emergency.

In a LinkedIn post over the weekend, van der Walt said he resigned to devote all his attention to caring for his eldest daughter, who has been diagnosed with a brain tumor and is scheduled to undergo surgery in February.

“With this in mind I have made a decision to step down from my...

https://www.freightwaves.com/news/paycargo-executive-van-der-walt-resigns-to-focus-on-daughters-surgery

PayCargo raises $125M from NY venture capital firm

Back half of a mustard-colored DHL plane in background and tractor-trailer cab in foreground at airport.

Freight payment platform PayCargo has received a $125 million follow-on investment from private equity firm Insight Partners to help fund its expansion into new markets, with a focus on security and data protection.

The Series B investment announced Tuesday is substantial, signaling that PayCargo is well beyond the development stage and that its valuation is rising. The average estimated capital raised in a Series B round is $33 million, according to startup database Fundz.

In September, Insight...

https://www.freightwaves.com/news/paycargo-raises-125m-from-ny-venture-capital-firm

Career Tracks: Plug Power charts growth with new CMO

Plug Power Inc. (NASDAQ: PLUG), a provider of turnkey hydrogen solutions, has hired Preeti Pande as its chief marketing officer. 

The Latham, New York, company said in an announcement that Pande “will lead and facilitate growth and increased sales by developing a comprehensive marketing strategy that will promote brand recognition and transform the green energy market through Plug Power’s hydrogen solutions.”

Plug Power said it created the first commercially viable market for hydrogen fuel cell...

https://s29755.pcdn.co/news/career-tracks:-plug-power-charts-growth-with-new-cmo

Career Tracks: After more than a decade, 3Gtms gets new CEO

Paul Brady has been tapped to succeed 3Gtms founder Mitch Weseley as chief executive officer.

Weseley, who has served as CEO for more than a decade, is transitioning to the company’s board of directors. 

AfA elects Dennis Mitchell to its board.

Brady brings more than 25 years of operating experience as a chief executive officer and senior executive leading a wide range of technology organizations. He served as CEO for Unitrends and, before that, ObserveIT. Brady also has led the executive teams...

https://s29755.pcdn.co/news/career-tracks-after-more-than-a-decade-3gtms-gets-new-ceo

PayCargo gets $35 million injection from Insight Partners

PayCargo

PayCargo has received $35 million from private equity firm Insight Partners to further expand its operations in the automated freight payment space.

Coral Gables, Florida-based PayCargo, which started operations in 2009, experienced more than 80% transaction growth during the past year. The company estimated that it has processed over $2 billion in transportation payments since its start.

“We are excited to work with PayCargo to continue to scale its global payments network and through our...

https://s29755.pcdn.co/news/paycargo-gets-35-million-injection-from-insight-partners

PayCargo helps shippers, forwarders pay it forward

PayCargo

The downturn in imports and exports over the past five months due to the coronavirus pandemic has left many small and mid-sized companies wondering if they will be financially prepared to participate in the global economic recovery.

Strict COVID-19 travel restrictions and reduced freight volumes have severely disrupted cash flow between the myriad players typically involved in international freight transactions – shippers, freight forwarders and customs brokers, and carriers.

Philip Philliou,...

https://s29755.pcdn.co/news/paycargo-helps-shippers-forwarders-pay-it-forward

Rising demand for short-term credit as Covid drives down cash flow

PayCargo Capital has reported rising demand for short-term credit as the Covid-19 pandemic spread.
Its facility allows carriers, forwarders and shippers in North America to apply for credit of between $25,000 and $2.5m for 15-30 days as a short-term cash flow solution.
“The relevancy of PayCargo Capital has grown since the start of the Covid-19 pandemic, as managing cash flow and paying for daily transport and related invoices can prove difficult,” said …

The post Rising demand for short-term...

https://theloadstar.com/rising-demand-for-short-term-credit-as-corvid-drives-down-cash-flow/

+ More