Convargo, a freight platform connecting shippers and companies, has raised €16 million in a fresh round of funding from Inventure, Earlybird, Nest founder Tony Fadell, former DHL CEO Roger Crook, and several other angel investors.
The platform’s algorithm connects companies that need goods shipped with an appropriate shipper based on the best cost and route. According to the French company, more than 3,000 shippers, 2,000 carriers, and 120,000 trucks are using the service at various points.
The new funds will be invested in further product development, building new partnerships with manufacturing and distribution firms – it currently has a deal in place with US giant Proctor & Gamble – and opening new regional European offices and operations. Convargo previously raised €1.5 million last year.
The space for freight and shipping startups in Europe has become very busy over the last 18 months with several startups such as Chronotruck, OnTruck, and Freightos all raising new rounds of money to expand their reach into more markets.