Eduardo Del Riego is a businessman who has been involved in logistics for a very long time. Currently, he is the CEO of PayCargo, which is a platform meant to help out with commercial payments. Interested individuals might have seen Del Riego’s name come up in recent news because it has raised $130 million in a Series C funding round.
1. Went to Florida International University
Del Riego went to Florida International University. The school was founded in 1965. However, it didn’t open it doors to students until 1972, which makes sense because it takes time to get a school up and running. Regardless, Florida International University is now one of the biggest schools in the United States when measured based on the number of students that are enrolled there.
2. Studied International Business
At the time, Del Riego studied international business. This is an important subject for a number of reasons. For example, basic assumptions that are true for the business environment in one country aren’t necessarily true for the business environment in another country. Similarly, doing business across international borders comes with extra complexities, which must be resolved using their own particular solutions. As such, international business matters, particularly in modern times when so many companies are so eager to extend their reach into more and more countries.
3. Went to California Coast University
Later, Del Riego earned a MBA from California Coast University. The school is based out of the city of Santa Ana, which is the county seat of Orange County. However, it is important to note that California Coast University is an online university that has been catering to adults in the middle of their careers ever since it was founded in the 1970s. Presumably, that was very convenient for Del Riego, who was very much in the middle of his career at the time.
4. Veteran of the Logistics Industry
As mentioned earlier, Del Riego is a veteran of the logistics industry. Generally speaking, logistics isn’t seen as one of the more exciting things that can be found out there. Even so, there can be no doubt about the fact that its absence would cause everything to come to a grinding halt. After all, logistics covers the flow of things from their point of origin to their point of consumption, meaning that it is a matter of the utmost importance for companies. There are companies that handle their own logistics from start to finish. However, they are very much the exception rather than the rule, which is why there are plenty of companies out there that exist for the purpose of providing logistical services to commercial clients.
5. Says That He Specializes in Starting Businesses
Del Riego’s LinkedIn profile says that he specializes in starting businesses. Specifically, there is mention of two things. One would be his ability to come up with a suitable business plan. The other would be his ability to implement that business plan until the new business has become stable, profitable, and capable of growing further. In any case, Del Riego does have the work experience to back up this claim, meaning that it isn’t just empty boasting.
6. Says That He Specializes in Developing Strategic Partnerships
Speaking of which, Del Riego’s LinkedIn profile also says that he specializes in developing strategic partnerships that produce long-term success for everyone that is involved. That has presumably proven to be very useful for him in his current role. After all, no business stands alone, particularly when they are specifically meant to facilitate interactions between other businesses. If Del Riego and the rest of PayCargo’s leadership team didn’t have this kind of ability, the company would fall flat at the very start.
7. His Company Is Aimed At a Very Fragmented Market
PayCargo is meant to be a payment platform for the freight industry. Apparently, this is a very fragmented market with a lot of players involved throughout the process. Something that makes for quite a contrast when compared with more vertically-integrated industries. Having said that, that presumably makes it easier for Del Riego and the rest of PayCargo’s leadership to carve out a place for themselves, seeing as how there are so many potential customers out there.
8. His Company Is Profitable
A lot of start-ups take a long time before they can become profitable. As a result, they need to go to great lengths in order to secure additional funding. Otherwise, those start-ups would wither on the vine because they are incapable of sustaining themselves through their own operations. It is very interesting to note that Del Riego’s company isn’t one of these start-ups. Instead, PayCargo has been profitable ever since it was founded in 2009, meaning that it is in a very different position from a lot of its counterparts.
9. His Company Got Its Series C Funding From a Single Source
Thanks to that, Del Riego’s company doesn’t have a lot of issues with raising more funding. There are investors out there who are willing to throw huge amounts of money at start-ups that are working on the process of becoming profitable in the hope that they will eventually win big by having bet big. However, the certainty of profitability tends to make investors more willing to open their wallets, particularly when the investment environment is looking shakier than it was. Apparently, the entirety of PayCargo’s Series C funding came from a single source, which would be Blackstone Growth.
10. Plans to Use the Funds to Fuel Further Expansion
Unsurprisingly, Del Riego plans to use the funds to fuel further expansion. However, it won’t be a single kind of expansion. PayCargo is planning to enter into more geographical markets. Moreover, it is planning to build more products based on its data. On top of that, PayCargo is even thinking about mergers and acquisitions, which could work out quite well because the industry focused on providing services to the logistics industry is apparently as fragmented as the logistics industry itself. As a result, mergers and acquisitions in it wouldn’t be as expensive as mergers and acquisitions in a more concentrated industry.