Cargofive, a leading innovator in the freight forwarding industry, announced the successful completion of an extended funding round, raising €2.5 million. This round saw the new participation of prominent venture capitalists Indico Capital and EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union,. This follows a round previously led by Shilling & Lince Capital, alongside angel investors and the PRR Nexus.
This new funding will fuel further innovation and enhancement of Cargofive’s product. The company plans to invest in Marketing & Sales for strategic expansion across Europe and the Americas. Additionally, it will accelerate their Product Roadmap and expand their logistic footprint with new Ocean and Inland service integrations. Cargofive’s journey towards sustainability and profitability continues with renewed vigour.
Regarding the current industry landscape, Sebastian Cazajus, CEO and Co-Founder of Cargofive, commented: “International shipping has remained largely offline until recent years, causing products to cost more and arrive later than needed. We launched Cargofive to transform this reality, aiming to simplify how freight forwarders operate, and make them quicker and more cost-effective.”
In a world where the freight forwarding industry is pivotal to global trade and the economy, Cargofive stands out as a transformative force. This industry, responsible for moving the goods we use every day, has long been hampered by antiquated processes. Freight forwarders often struggle with obsolete methods to find the best pricing and schedules, wading through endless spreadsheets, PDFs, and infinite emails.
Their platform, leveraging cutting-edge technology, simplifies the process of identifying efficient routes and competitive pricing. It enables quick generation of customer quotations, transforming what used to be a laborious and time-consuming task into simpler and more efficient one. This innovation not only boosts operational efficiency but also revolutionizes the customer experience in freight forwarding.
Cargofive’s growth trajectory has been impressive, with a diverse client base that includes over 100 small, midsize, and even top 50 freight forwarders worldwide. This demonstrates the wide-reaching impact and adaptability of the platform. Furthermore, the company’s partnerships are noteworthy, comprising important ERPs and major carriers, reflecting their strong position in the industry.
Stephan Morais, Managing General Partner of Indico Capital Partners, added: “Maritime Transportation is a huge market and one of the biggest emitters of carbon into the atmosphere. All solutions that increase the efficiency of transportation of goods through the oceans and reduce costs are positive in terms of increased sustainability”.
Matteo Consonni, Investment and Portfolio Manager at EIT Urban Mobility, said “Operating at the intersection of maritime and land logistics, Cargofive precisely fits the innovation and ambition EIT Urban Mobility is here to invest in. Cargofive’s potential lies both in the ability to revolutionize freight flow management, and the innovative software which provides crucial insights into the environmental impact of shipping routes. The decision to incorporate in Portugal reflects our Investment Committee’s confidence in bolstering EIT Urban Mobility’s footprint in a region where water serves as a vital transport conduit.”.
Read the orginal article: https://www.eu-startups.com/2024/03/lisbon-based-cargofive-raises-e2-5-million-to-continue-accelerating-digital-transformation-in-freight-forwarding/
