Betting big on the rise in demand for providers of logistics technologies, Berlin-based digitised logistics startup Forto has raised a mammoth funding of $250 million. The pre-emptive Series D investment was led by Texas investment firm Disruptive and saw the participation of existing investors, including Softbank Vision Fund 2, G Squared, Northzone, Unbound, and A.P. Moeller Holding.
With over $600 million total investment raised until now, the German tech company has almost doubled its valuation to $2.1 billion in eight months. The startup had earlier raised $240 million funding led by Softbank Vision Fund 2 in June last year.
Michael Wax, co-founder and CEO, Forto said: “As our business remains well-funded from our previous round in 2021, this new round will allow us to accelerate the execution of our existing strategy, particularly on our geographic expansion. We can now widen our customer offer, bring our technology platform support to customers in new markets, and capitalise on new opportunities as they arise.”
Founded in 2016 as FreightHub by Ferry Heilemann, Erik Muttersbach, Michael Wax and Fabian Heilemann, the platform is on a mission to build better logistics and supply chain experiences. Its digital platform simplifies interactions, removes process friction, and increases visibility around the supply chain to empower customers make smarter commercial decisions.