Cargofive raises €2.5M to boosts efficiency in freight forwarding

Cargofive empowers freight forwarders by providing solutions to digitise their rate procurement, rate management, and quotation processes.
Cargofive raises €2.5M to boosts efficiency in freight forwarding

Today Portuguese freight forwarding company Cargofive announced the completion of an extended funding round, raising €2.5 million. This round saw the new participation of prominent venture capitalists Indico Capital and EIT Urban Mobility.

Freight forwarding has long been hampered by antiquated processes. Companies struggle with obsolete methods to find the best pricing and schedules, wading through endless spreadsheets, PDFs, and emails.

Cargofive's platform simplifies the process of identifying efficient routes and competitive pricing. It enables the quick generation of customer quotations, transforming what used to be a laborious and time-consuming task into a simpler and more efficient one.

This innovation boosts operational efficiency and revolutionises the customer experience in freight forwarding.

The new funding will fuel further innovation and enhancement of Cargofive's product. The company plans to invest in Marketing & Sales for strategic expansion across Europe and the Americas.

Additionally, it will accelerate their Product Roadmap and expand their logistical footprint with new Ocean and Inland service integrations. Cargofive's journey towards sustainability and profitability continues with renewed vigour.

According to Sebastian Cazajus, CEO and Co-Founder of Cargofive: 

"International shipping has remained largely offline until recent years, causing products to cost more and arrive later than needed.

We launched Cargofive to transform this reality, aiming to simplify freight forwarders' operations and make them quicker and more cost-effective."

Stephan Morais, Managing General Partner of Indico Capital Partners, added:

"Maritime transportation is a huge market and one of the biggest emitters of carbon into the atmosphere.

All solutions that increase the efficiency of transportation of goods through the oceans and reduce costs are positive in terms of increased sustainability".

Matteo Consonni, Investment and Portfolio Manager at EIT Urban Mobility, said:

"Operating at the intersection of maritime and land logistics, Cargofive precisely fits the innovation and ambition EIT Urban Mobility is here to invest in.

Cargofive's potential lies both in the ability to revolutionise freight flow management, and the innovative software which provides crucial insights into the environmental impact of shipping routes. 

The decision to incorporate in Portugal reflects our Investment Committee's confidence in bolstering EIT Urban Mobility's footprint in a region where water serves as a vital transport conduit."

Lead image: Cargofive. Photo: uncredited. 

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