SEOUL, South Korea, Dec. 5, 2022 /PRNewswire/ -- Expanding and enhancing the technology developed for logistics in Latin America is the objective of the Avancargo-Coconut Silo Joint Venture company, which will open offices in Montevideo in the second quarter of 2023 to direct its operations from Uruguay to Latin America.
The company arose from the union of Coconut Silo, a member of the Born2Global Centre, a startup based on deep tech and artificial intelligence, in South Korea, with the Argentine Avancargo, the first on-demand land cargo transportation service in the neighboring country. The objective of this joint venture company is to transform logistics and create an economic, social and environmental impact in the region through a technological hub.
The relationship between the two companies was established through the Innovation Laboratory of the Inter-American Development Bank (IDB Lab), which launched a financing and support program during the pandemic to revitalize the region's economy through the promotion of a sustainable ecosystem with emerging companies. It did so through an innovative mechanism to support bilateral partnerships between deep tech startups from two geographically distant ecosystems such as Latin America and South Korea.
The initial investment was US$ 200,000 and Avancargo-Coconut Silo Joint Venture is already looking for new investors to further capitalize the company.
"We seek to enhance our research and development capacity in technology for the freight forwarding and logistics industry throughout Latin America. We are going to enrich and develop new products tailored to large clients and freight providers in the region. There are great expectations, since it is a way to collaborate and unite the experience of two companies that are dedicated to the same problem in two different parts of the world", said Diego Bertezzolo, co-founder & CEO of Avancargo.
Both startups have a multiplatform solution (desktop + mobile) for cargo providers, carriers and drivers and a SaaS (Software as a Service) for efficient management of operations. The use of this type of platform helps to eliminate simple tasks, such as phone calls, mobile messaging (whatsapp in Latin America) and emails. They optimize the process and logistics management with greater efficiency and productivity through specialized modules. In addition, the platform supports all parties involved in the processes to automate and improve the workflow.
Avancargo and Coconut Silo are working on a joint solution so that the logistics and land freight transportation industry develops more efficiently in the region. Among other features, Coconut Silo's Application Programming Interface (API) is integrated into the Avancargo platform, connecting the demand of freight providers with a safe, flexible, and scalable fleet of trucks to boost the logistics industry in terms of process improvement, technology implementation and environmental issues such as measuring the carbon footprint.
Avancargo was founded in Argentina by Diego Bertezzolo and three partners in 2018 and has a technological ecosystem of solutions made up of a marketplace, on-demand and TMS SaaS to serve more than 17,000 registered companies and some 80,000 audited trucks.
For its part, Coconut Silo is a new spin-off company of Hyundai Motor Group that specializes in deep tech and artificial intelligence. Through a digital platform, the company completes more than 1,200 orders each month at an annual growth rate of 250% for the 2022-2025 projection.
"In logistics and freight transportation industry, saving time and cutting back on cost is integral for success and working with Avancargo will enable us to leverage innovative solutions in a more flexible and easy way. With our collective efforts, we are not only driving the transformation for the industry in LAC, but also empowering the environmentally friendly future by reducing CO2 emission across the region with our joint expertise and technology." concludes Seungyong Kim, Co-founder and CEO of Coconut Silo.
About Born2Global Centre
The Born2Global Centre, operated by Born2Global, is a full-cycle service platform that supports the global expansion of promising companies. Established in 2013 under the Ministry of Science and ICT, Born2Global has been setting the standards for a successful startup ecosystem in Korea and continues to expand and transform startups so that they are engaged, well equipped, and connected with the global market.
For more information, please visit https://www.born2global.com