Forto, a digital freight forwarder which has experienced a boom during the pandemic, has raised another $50 million in funding. This takes its total investment to $73 million after it raised $23m in debt financing from the European Investment Bank this year. It’s now raised $126 million in total, since its launch in 2016.
The round was led by Inven Capital, a growth fund out of the Czech Republic. Additional investment came from Iris Capital, with strong participation from current investors, including Rider Global, Northzone, Cherry Ventures and the Italian venture fund H14. Additionally, Maersk, the largest ocean carrier in the world, has ‘significantly’ – says the startup – added to its existing investment.
The platform gives customers real-time data and on-time delivery, while typically reducing their administrative supply chain costs by 30%. It also displays an emissions rating for possible transport options, allowing companies to track carbon emissions.
Forto will be using the new funding to accelerate the development of its supply chain management solutions by adding order management and value-added services. It will also be expanding its European and Asian operations following the recent opening of a Singapore office and the extension of its operational presence to 5 offices in Asia.
“In the last few quarters, we have significantly exceeded our growth plans and have increased our volumes by 300% year over year. And this despite challenging trading conditions, which have forced companies to face significant capacity constraints and rate volatility, “ explained Co-Founder Michael Wax, who co-leads the firm alongside Co-Founder Erik Muttersbach and Dr. Michael Ardelt.
Petr Míkovec, CEO at Inven Capital said: ““We strongly believe in Forto’s vision to simplify international carriage of goods and make shipping containers as simple as sending an email. Not only do customers get incredible insights into their supply chain, they can also make smarter, sustainable decisions.”
“Forto has proven to be essential in a sector which is under increasing pressure amidst a global pandemic and is dominated by fragmented, non-digital incumbents,” added Michiel Kotting, Partner at Northzone.
Forto’s supply chain management solutions are now used by over 2,500 customers, including industrial manufacturer Viessmann, consumer goods giant Miele and eCommerce brand Home24. It made the list of the Top 20 Freight Forwarder from Asia to Europe in just under 4 years of existence.
