London’s real-time overview of supply chain software provider Zencargo has raised £30 million in a Series B round that was led by Digital+ Partners and saw participation from existing investor HV Capital. To date, the firm has raised £42 million.
The funding is earmarked to expand the talent pool from 150 members to 350 over the next two years, as well as expand into the Dutch, Chinese, and American markets. Additionally, with newly appointed CFO Chris Greenacre, Zencargo will begin making inroads into trade finance.
Founded in 2017 by Alex Hersham, Richard Fattal, and Jan Riethmayer, Zencargo’s software solution enables businesses to optimise their air, sea, and land logistics. The firm handles all necessary shipping components from point of production to end-customer delivery, all with a complete overview of the supply chain, down to the item level.
So what does this mean in reality? Well, back in March, this author became mildly fascinated with the Ever Given ship blocking the Suez Canal. The fountain of memes it produced aside, I started to think about, and research just how much of a headache one ship in one canal could cause. The simple answer: a BIG one.
Zencargo customers were in for a treat when the company created a live dashboard, mapping shipments and arranging mitigations and alternative plans.
“With global freight reliability so low as a result of the pandemic, Brexit, and even the Suez Canal delays, it’s more important than ever for businesses to make informed supply-chain decisions that will enable them to serve and satisfy their customers,” comments Zencargo CEO and co-founder Alex Hersham.
The company reports that through their data-backed decision-making process, clients including Ribble, Cult Furniture, and Swoon, see a 4% increase in revenues, a 9% reduction in carbon emissions, a 6% reduction in transportation costs, and a 15% improvement in working capital.