Borderlands Mexico: Cross-border trade helping Mexico narrow gaps in technology

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Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Cross-border trade helping Mexico narrow gaps in technology; Investment firm acquires 2.3M-square-feet of logistics space in Houston; CJ Logistics America leases 1M-square-foot facility near Dallas; and Texas car hauler acquires three logistics firms.

While Mexico continues to grow as a critical hub in global supply chains, more technological investments need to be made for the country to unlock its full trade potential, said Fernando Correa, CEO and cofounder of Cargobot.

Correa believes that by addressing technology challenges between shippers, trucking companies and logistics professionals, Mexico could be well-positioned for even more trade growth in 2025.

Mexico is currently the top U.S. trade partner, with cross-border commerce totaling $798 billion in 2023. This year, U.S.-Mexico trade is on pace to surpass 2023, with trade totaling $706.9 billion from January through October.

“From my perspective, Mexico is very key for the future of the next three, four years in shipping, because we have a lot of traffic,” Correa told FreightWaves in an interview. “We need to attend to that traffic. We have to organize the traffic. Because in between Mexico and the U.S., we’re moving 13,000 shipments every day.”

Founded in 2016, Miami-based Cargobot is an international freight technology firm that connects shippers and carriers via its platform for managing truckload, less-than-truckload and partial truckload freight across the United States, Canada and Mexico.

Cargobot recently released Planimatik, a planning tool aimed at simplifying onboarding carriers and streamlining day-to-day logistics operations for shippers. The software also includes tools to connect shippers with customs brokers.

“I think technology is facilitating the way that you can verify the profile of the carrier,” Correa said. “The carriers are all different. You want to have a reliable network of carriers. But the truth is, the ease that you can move your shipment in Mexico is a little more complicated than we have in the United States. You believe in the network of the carrier in the United States. In Mexico, it is more complicated because you need to verify the network of carriers for security reasons and technology is facilitating this.”

“From my perspective, Mexico is very key for the future of the next three, four years in shipping, because we have a lot of traffic,” Fernando Correa, CEO and cofounder of Miami-based Cargobot. (Photo: Jim Allen/FreightWaves)

Since 2015, Mexico-based technology startups have attracted almost $10 billion in venture capital backing, according to research and communication firm Quantico’s 2024 Venture Capital Report for Mexico.

“Over the past decade, Mexico has emerged as a leading hub for venture capital in Latin America, attracting both local and international investors. Mexican startups have secured $9.89 billion across 1,897 funding rounds, solidifying the country’s position as a driving force for innovation and entrepreneurship in the region,” according to the report.

In 2021, Mexican startups attracted a record $3.6 billion in VC funding, led by e-commerce used car marketplace Kavak’s $810 million financing round. Last year, Mexico-based startups raised $1.14 billion in VC funding, far less than 2021, but a 1% increase compared to 2022.

Nacho De Marco, CEO and co-founder of San Francisco-based BairesDev, said Mexico has developed into a hub for tech talent, including firms focused on logistics and commercial transportation.

BairesDev, founded in 2009, is a software outsourcing company with a network of 4,000 senior software engineers and more than 500 clients, including Google, Pinterest and Adobe.

“We have experience working with clients in transportation, logistics, and supply chain management,” De Marco said in an email to FreightWaves. “As these industries undergo digital transformation, companies increasingly rely on technology to streamline operations, enhance customer experiences, and drive efficiency. Our teams have supported clients here by building custom applications, optimizing data analytics, and implementing automated solutions that address specific logistics challenges.”

In 2024, Mexico City surpassed Sao Paulo, Brazil, as the biggest tech talent market in Latin America with 300,000 tech professionals, according to a report from global real estate investment firm CBRE.

“Monterrey, Mexico, leads the talent growth rate over a five-year period with 125%, followed by Mexico City at 88%,” CBRE said.

Mexico-based talent working at BairesDev has increased by 99% over the past five years, according to De Marco.

“Latin America is becoming a global tech hub, driven by key factors: increased investment in STEM education from public and private entities; Latin American engineers have an excellent English level; cultural affinity and timezone proximity to the U.S.; a ‘signaling’ effect from an increasing number of successful Latin American tech founders, along with new access to venture capital,” De Marco said.

Investment firm acquires 2.3M square feet of logistics space in Houston

Stonepeak announced the acquisition of six logistics assets totaling 2.3 million square feet in Houston.

The assets are located less than 8 miles from Port Houston and give the firm 3.4 million square feet of logistics space across Texas.

New York-based Stonepeake is an investment firm specializing in infrastructure and real estate assets with approximately $70 billion worth of property under management.

In September, Stonepeak acquired a 1.1-million-square-foot logistics portfolio located in the AllianceTexas development in Fort Worth.

“We continue to believe in the power of supply chain real estate anchored by essential Port Houston infrastructure, given its mission-critical role in local and national supply chains, and we are excited to continue investing behind this theme,” Phill Solomond, Stonepeak’s senior managing, director and head of real estate, said in a news release.

Supply chain services provider CJ Logistics America has leased a 1.07-million-square-foot facility in Wilmer, Texas, according to the Dallas Business Journal.

The logistics facility is located in the 252-acre Southpark Logistics Park. The industrial development is located 17 miles south of downtown Dallas.

CJ Logistics has over 80 warehouses, freight forwarding and transportation operations across the U.S., Canada and Mexico. The company’s U.S. headquarters is in Des Plaines, Illinois.

CJ Logistics America is a subsidiary of South Korea-based CJ Group.

Texas car hauler acquires three logistics firms

Interlink Transport, a provider of finished vehicle logistics, recently acquired Tennessee Auto Carriers, No Boundaries Transportation and BST Auto Transportation, according to PE Hub.

As part of the acquisitions, Interlink Transport will change its name to No Boundaries Auto Logistics. The company provides transportation solutions to original equipment manufacturers across the Midwest and Southeastern U.S.

Financial terms of the transaction were not disclosed.

Based in Wills Point, Texas, Interlink Transport is a division of Dallas-based MAG Capital, an industrial real estate investment firm.

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Borderlands Mexico: Cross-border trade helping Mexico narrow gaps in technology

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