Digital freight forwarder Zencargo has raised £30m to help businesses make decisions through a real-time overview of their supply chain.
Zencargo will use its latest round of funding to grow its team to 350 people over the next two years and expand internationally to the Netherlands, Hong Kong and the US.
Founded in 2017, the firm has more than doubled its headcount to 150 from 65 at the start of 2020.
The London-based firm has now raised a total of £42m and is targeting revenues of £100m for this year, and over £200m for 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,” said Alex Hersham, CEO and co-founder of Zencargo.
Zencargo moves sea, air and road cargo, enabling businesses to be more efficient and sustainable in their logistics operations.
Relied on by the likes of Vivienne Westwood, Swoon Furniture and Soho Home, Zencargo handles all components of transporting goods and provides supply chain visibility.
During the recent Suez Canal blockage, Zencargo created a live dashboard mapping its customers’ shipments with vessels that were obstructed, before working directly with them to arrange alternative plans.
Patrick Beitel, managing director at Digital+ Partners, said that the freight industry has struggled to keep pace with innovation, resulting in widespread inefficiencies.
“Zencargo’s cutting edge technologies, plus deep industry experience and knowledge, are transforming the supply chain.”
The freight forwarder will also use the funding to make inroads into trade finance under the leadership of its newly appointed CFO, Chris Greenacre, who was previously director at PwC.