Eindhoven-based ChainCargo, a digital road freight forwarder, announced that it has secured €1.75M in a fresh round of funding. With this, the total growth money received by the startup in the Seed round totals €3M.
The fundraiser comes at a time when the company expects a fivefold increase in turnover in 2021.
The round saw investment from BOM Brabant Ventures and two informal investors. As an incubator and growth accelerator with over 35 years of experience, Netherlands-based BOM Brabant Ventures helps ambitious Brabant companies to grow in a future-proof manner.
The company says it will utilise the raised funds to further develop its products for better efficiency at the customer end. The company will also use the funds to accelerate growth in Europe.
ChainCargo’s co-founder Jeroen Kemp says, “With a focus on Full Truck Load transports, ChainCargo customers can expect an even better digital tool with which they can arrange their transport in an instance – without delaying intermediate steps.”
Approaching logistics differently
ChainCargo was founded in 2018 by Giovanni Gubbels, Jeroen Kemp, and Coen van Boxtel to make the transport market sustainable and digital. The company uses existing transport movements or freight traffic that would otherwise return home empty. This reduces empty kilometres, CO2 emissions, and also enables competitive rates.
With digitisation and automation, ChainCargo creates transparency in the road transport market. By knowing exactly where the available capacity is, goods are transported more efficiently, and existing transport movements are used optimally.
The startup expects that the use of existing transport movements in Europe will become even more important in the coming years. More companies are moving production to Europe, partly due to rising container prices in the ocean freight market. This puts extra pressure on road transport. “We have the solution to relieve that pressure,” explains Giovanni Gubbels.
“With our system, shippers can efficiently organise their road transport and skip the search process for new partners. Communication with various carriers takes place at a central location: the intelligent ChainCargo road freight forwarding system,” he adds.
The company currently has 30 employees and besides an office in Eindhoven, has a branch in Budapest, Hungary.
According to a blog post by ChainCargo, its revenue performance grew by 1939 per cent this year compared to the first four months of 2020.