FreightHub, the European electronic freight forwarder, has raised $30 million in Series B funding. Leading the round is Rider Global — a partnership fund said to be based by logistics specialists — and Maersk Growth, the corporate venture arm of container transport giant A.P. Moller-Maersk.
Present investors Northzone, Rocket Internet’s Global Founders Capital (GFC), and Cherry Ventures also participated. I am advised the London-based investment company Unbound, based by Shravin Mittal, substantially expanded its bet also.
Running from the freight business, an antiquated market that’s ripe for digitalization, as a result, has brought a plethora of well-funded startups, FreightHub is putting out to compete and replace conventional freight forwarding businesses that generally rely on legacy IT systems and manual and cumbersome procedures.
Described as a fully-fledged cargo forwarder, the Berlin and Hamburg-based startup provide transportation services for sea, air and rail freight, assembled on digitized procedures — from reserving, communication, information exchange, and file management to supply chain optimization.
This past year, off the rear part of it, is own $20 million Series A, FreightHub states it greatly invested in options for electronic cooperation between clients, partners, and providers and enlarged the port works because of its own system integration capabilities. The business also expanded its service portfolio, such as acquiring an IATA permit for air freight providers.
“Our forwarding solution offers more transparency, reliability and ultimately time and cost advantages for large and mid-sized organizations,” states FreightHub CCO Michael Wax in a declaration. “Today, we serve some of the most well-known German brands and grew our volumes again 3x year over year”.
Claiming over 1,500 clients — such as famous companies like Home24, Miele, and Viessmann — along with existing places in Berlin and Hamburg, the FreightHub recently opened its first Asian office in Hong Kong and obtained a sea cargo forwarder specialized in Asian markets.
“Our recent growth trajectory has confirmed the potential that our digital solutions can realize for both our customers and FreightHub’s internal processes,” provides FreightHub founder and CEO Ferry Heilemann. We’ll utilize the new capital to develop our digital service offering and also to enlarge our presence in Asia”.