A funding round led by Softbank Group Corp. of Japan and Tencent Holdings Ltd of China has raised $200 million for Brazilian freight management company Frete.com, Reuters reports.

The news agency says the exercise makes Frete.com the newest Latin American unicorn, a privately-held start-up valued at over US$1 billion.

The report quotes Frete.com Chief Executive Federico Vega as saying in an interview that his company will use the money raised to expand outside Brazil, serving truckers and the owners of their cargos in Paraguay and Argentina.

Frete.com is a road freight transport network company with three divisions, including: FreteBras, a platform that matches cargo owners and truckers; FretePago, a financial subsidiary that provides a digital account for safe freight payments; and Cargo X that provides services to transportation firms like working capital loans and insurance., the report says.

Softbank and Tencent have together backed a similar freight transport network company in China, called Manbang, Reuters says.