On the move and raising more funding.
That’s Zencargo, a London, England, United Kingdom-based logistics company making global trade easier by offering digital freight services to help businesses succeed.
Zencargo’s website states it, “develops a platform that allows customers to book, manage, and track their international freight and uses analytics to drive intelligent supply chain decisions that help their businesses thrive.”
The freight company is not new to the industry and was founded on Jan. 4, 2017, by Alex Hersham, Jan Riethmayer, Richard Fattal.
And even though it may not have the vast number of employees as other freight and logistics companies, it’s been making worldwide news as of late raising $42M or £30 million to expand its digital-first freight-forwarding platform internationally.
As of June 1, its total funding amount was $66.4M and it has 12 investors, according to crunchbase.com.
Crunchbase.com further reports since April 16, 2019, Zencargo raised $20,000,000 / Series A from HV Capital and attracted 6 other investors.
The recent funding raised by Zencargo even in these tough times will help Zencargo expand and grow in the industry.
Hersham, the CEO who co-founded the company with Fattal (CCO) and Riethmayer, said Zencargo will use the funding to open offices in the Netherlands, Hong Kong, and the U.S. It will also more than double its employees to 350 from 150, and move toward trade finance — “a critical lever for facilitating the trading activities that are the bread and butter of Zencargo’s business.”
Series B is being led by Digital+ Partners, with HV Capital, and which led its previous round, is also participating.
Zencargo is not disclosing its valuation, however, the company — which provides many major services to worldwide companies and distributors including Amazon to ship goods to its fulfillment centers, and big brands like Vivienne Westwood, Swoon Furniture, and Soho Home — said it’s on track to make £100 million in revenues this year, and £200 million in 2022.
“With global freight reliability so low as a result of the pandemic, Brexit and the Suez Canal delays, it is more important than ever for businesses to make informed supply-chain decisions that will enable them to serve their customers,” Hersham said.
During the recent Suez Canal blockage, Zencargo created a live dashboard mapping its customers’ shipments with ships that were obstructed, before working directly with them to set up alternative plans.
Patrick Beitel, the managing director at Digital+ Partners, said that the freight industry has had a hard time staying on par with innovation, resulting in widespread inefficiencies.
“Zencargo’s cutting-edge technologies, plus deep industry experience and knowledge, are transforming the supply chain.”
The freight company will also use its recently raised funding as mentioned to make inroads into trade finance under the leadership of its newly named CFO, Chris Greenacre, a former director at PwC.