London-based iCustoms, a company offering fully automated customs management solutions, announced on Tuesday, March 26, that it has secured $2.2M (approximately €2M) in a seed funding round.
Fuel Ventures, PlugnPlay, Outrun Ventures, Montblu Capital, SyndicateRoom, and leading angels backed the funding round.
The company will use the funds to improve and enhance its technology to automate and optimise customs and trade procedures.
The customs clearance procedure can be complicated, which includes outdated software, piles of manual paperwork, and heavy reliance on manpower.
iCustoms: Automating custom processes
Led by Adnan Zaheer (CEO), iCustoms is an all-in-one solution that helps businesses automate customs processes more efficiently.
“Our goal at iCustoms is to make trading simple for all of us,” says Adnan Zaheer.
Utilising AI-powered and machine-learning capabilities, the UK company is designed to streamline all customs procedures in a few minutes, cut additional costs, and save time.
“Our AI platform eliminates tedious manual tasks, streamlines customs processes, and ensures complete compliance. This funding allows us to expand our tech team, develop new offerings, and significantly impact the trade compliance industry,” adds Zaheer.
The company’s solution includes:
- Customs management
- Product classification – ML/AI
- Document Automation
- Document Management
- Customs Rules Engine
- Integrations and Business Intelligence Reporting
The investors
Fuel Ventures is an early-stage investor in early-stage technology and digital companies. The VC focuses on early-stage globally scalable marketplaces, platforms, software (SaaS), and transactional technologies.
“Our experience in the VC space has shown us the immense potential of iCustoms’ innovative AI-driven approach,” says Mark Pearson, Founder and Managing Partner of Fuel Ventures.
“We believe this technology will significantly reduce time and resource burdens for businesses involved in international trade. We’re excited to invest in iCustoms and collaborate with their talented team to build something truly remarkable,” adds Pearson.
SyndicateRoom employs a data-driven approach to maximise return potential and diversify investments.
The VC has created the Access EIS fund, which co-invests with the best-performing business angels in the UK to gain access to the most promising investment opportunities in startups.
This investment strategy allows them to leverage data and expertise to make informed investment decisions and increase their chances of success.
“At SyndicateRoom, we’re thrilled to support iCustoms alongside other visionary investors. Adnan and his team’s dedication, expertise, and exceptional capabilities make them a perfect fit for our portfolio. We’re excited to see iCustoms revolutionise the trade compliance industry,” says Tom Britton, Founding Partner, SyndicateRoom.
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