Vilnius-based Cargo Stream, a logtech startup, announced on Thursday, August 11, that it has secured €1M in a funding round led by private equity firm LitCapital.
LitCapital is an independent growth capital fund dedicated to investing in high-growth companies in the Baltic region.
The Lithuanian startup says the funding will enable it to accelerate expansion plans, enabling the company to start operations in the Polish market while strengthening it in the United Kingdom.
“We are excited to partner with LitCapital and grateful for their trust in our big vision. Based on the current financial projections, our revenue will exceed €2M. Objectively, it could be more, hence our aim is to reach €3M in 2023,” says Sarunas Belickas, COO of Cargo Stream.
“This investment will allow us to accelerate our plans for expansion in Poland. Additionally, it will provide us with the necessary resources to enhance our operations in the UK, where we already have a presence,” says Belickas.
Cargo Stream: Improving customer’s efficiency
Founded by Sarunas Belickas in 2019, Cargo Stream is a cloud-based platform allowing all supply chain participants to manage the logistics processes in a single online workspace.
The company streamlines the entire logistics process, offering end-to-end control tower visibility, improved operational efficiency, and cost optimisation for freight forwarders and shippers.
Cargo Stream is on a mission to improve customer efficiency through digital transformation while creating value solutions and enabling better control of the supply chain.
Read the orginal article: https://siliconcanals.com/news/startups/cargo-stream-bags-1m/