Vilnius, Lithuania-based GoRamp, a cloud-based Transportation Management Software that helps shippers source, plan and monitor freight logistics, announced that it has raised €1.5M in a fresh round of funding.
The investors in this round include international venture capital funds and the community of business angels/founders from such companies as UPS, Shopify, and Infoscout.
Capital utilisation
The funds will be used mainly to expand the company’s sales and marketing team for Western Europe and the US markets. GoRamp says the investment will be targeted to increase business volumes in Europe, where it claims that its product sales are already showing promising results in the UK, Benelux, Poland, and Germany.
Besides, the funds will also help the company enter new markets, including France, Spain, and Italy, and gain more traction in the US region.
“Digitally proofed logistics management”
Founded in 2017 by Jevgenij Polonis, Marius Repecka, and Ugne Palionyte, GoRamp has a SaaS solution for shippers to help them make proactive decisions while sourcing, monitoring and analysing transportation management.
The company’s software covers real-time shipment planning to multiple destinations, communication with carriers and stakeholders, dock scheduling, warehouse and yard management, and KPIs tracking.
According to the data provided by GoRamp clients, the system eliminates 70 per cent of operational work, increases 20 per cent of warehouse loading efficiency, and decreases up to 25 per cent logistics costs.
Jevgenij Polonis says that the quarantine reality has prompted the scale of the business to Western European markets.
In a statement, one of the company’s founders explains, “Transportation volumes of production and trade companies have grown drastically during the lockdown and the resources required to meet customer needs had shrunk and continue to shrink. Carrier costs are rising, and warehousing capacities are being exceeded. We hear continuously that manufacturing and trading companies experience a never-ending Christmas rush. When the capacity expansion is no longer possible, then operations have to be streamlined and more has to be done with the same resources. Digital solutions are irreplaceable and our solution helps customers eliminate more than two-thirds of operational manual labour, save time, streamline supply chain operations and do up to twice as much work with the available resources.”
He further adds, “We see that the demand for our product is growing because of more attention to sustainability and digitalisation of manufacturing companies. That’s why the timing for aggressive expansion being first-movers is more than perfect.”
GoRamp’s recent growth
In 2021, GoRamp reported that its business volumes tripled. Now the company operates in 18 different countries, not only in Europe but also the US, Canada, and Australia. The number of GoRamp customers grew by 2.5X and the company is already trusted by some of the leading global companies, including Pfizer, Thermofisher Scientific, Continental, Mondelez, and Storenso, among others.
Among GoRamp customers are businesses operating in the sectors of manufacturing, pharmaceutical, automotive, wood, furniture, metal, energy, and plastics.
