PayCargo raises $35M from Insight for its cloud-based platform targeting the freight industry

Shipping has long been one of the more antiquated, and least technological, segments in the world of commerce, with its physical aspects — rooted in massive cargo tankers, giant fleets of aircraft and trucks, and trains of linked-up containers — underscoring some of the more obvious analogue attributes of the business.

That has also made it a ripe opportunity for startups, and today, one called PayCargo, which has built a suite of cloud-based payment and financing services for the cargo industry, is announcing $35 million in funding to expand its business in the wake of COVID-19.

The investment is coming from a single, high-profile investor, Insight Partners,  which back in April announced a monster $9.5 billon fund that it planned to use not just to support portfolio companies through the global health pandemic, but to seek out new opportunities emerging in the wake of it.