Portchain, a Copenhagan-based logistics startup, has today confirmed the raise of $5 million in a new investment round. The startup intends to use the capital to fuel a recruitment drive, further develop products and build upon and improve existing services.
The investment was provided by Angular Ventures, bringing the company’s total amount raised to date to $10 million, already counting MX Ventures and several shipping executives acting as angel investors.
Founded in 2017, Portchain counts a fifth of the world’s container terminal capacity in its network, amassing some 100 terminals amongst Portchain’s client roster. Major container carrier Hapag-Lloyd has signed a five-year agreement to roll out the startups’ flagship product, Portchain Connect, across its network.
Portchain CEO, Niels Kristiansen, shared:
“Billions of dollars are wasted and millions of tonnes of carbon dioxide are emitted each year when container vessels are forced to wait outside ports following poor communication around schedule changes.
“Portchain gives carriers, terminals and operational ground staff accurate real-time information so schedules can be optimised, costs reduced and environmental impact minimised.
“Angular Ventures’ investment in Portchain will help us accelerate our product development and create value for our customers.”
Lead image via Portchain.