Cargofive raises €2.5M to accelerate Digital Transformation in Freight Forwarding

Cargofive Team
Part of Cargofive’s team based in Lisbon

Lisbon, March 26th, 2024 – Cargofive, a leading innovator in the freight forwarding industry, announces today the successful 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, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union. This follows a round previously led by Shilling & Lince Capital, alongside angel investors and the PRR Nexus.

In a world where the freight forwarding industry is pivotal to global trade and the economy, Cargofive stands out as a transformative force. This industry, responsible for moving the goods we use every day, has long been hampered by antiquated processes. Freight forwarders often struggle with obsolete methods to find the best pricing and schedules, wading through endless spreadsheets, PDFs, and infinite emails.

Cargofive is here to change that. Their platform, leveraging cutting-edge technology, simplifies the process of identifying efficient routes and competitive pricing. It enables quick generation of customer quotations, transforming what used to be a laborious and time-consuming task into simpler and more efficient one. This innovation not only boosts operational efficiency but also revolutionizes the customer experience in freight forwarding.

Cargofive’s growth trajectory has been impressive, with a diverse client base that includes over 100 small, midsize, and even top 50 freight forwarders worldwide. This demonstrates the wide-reaching impact and adaptability of the platform. Moreover, the company’s partnerships are noteworthy, comprising important ERPs and major carriers, reflecting their strong position in the industry.

This 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.

Regarding the current industry landscape, Sebastian Cazajus, CEO and Co-Founder of Cargofive, commented: “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 how freight forwarders operate, and make them quicker and more cost-effective.”

Stephan Morais, Managing General Partner of Indico Capital Partners, added that “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.”.

With this new funding, Cargofive is positioned to make a significant impact on the future of freight forwarding. The company is committed to leading the charge in the digital transformation of an industry that is so crucial to our everyday lives.

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About Indico Capital Partners

Indico Capital Partners is a leading independent Venture Capital fund manager based in Portugal, investing in Iberian related global and sustainable technology companies. Indico funds invest in deep tech, software as a service, marketplaces, artificial intelligence, internet of things, fintech, cybersecurity, web3 and ocean related companies. Indico´s range of investments goes, mostly, from Pre-Seed to Series B (100k and 10M euros) in Portuguese and Spanish related startups. Indico is often the first investor in a startup and, given the teams´ backgrounds, works very closely with portfolio companies. Since 2019, Indico has invested 63 million euros in 42 companies, which have raised more than 1.8 billion euros from global investors.

Indico VC Fund & investment in Bizay is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (“EFSI”) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Indico Opportunity Fund & investment in Bizay support by the Pan-European Guarantee Fund (EGF), implemented by the European Investment Fund as part of the European Investment Bank Group with the financial support of the Participating Member States The European Guarantee Fund (EGF) was set up by the EIB Group with contributions from Portugal and other EU Member States to shield companies suffering from the COVID-19 crisis. Using nearly € 25 billion in guarantees, the EGF allows the EIB and the EIF to provide loans, guarantees, asset-backed securities, equity and other financial instruments available to mostly small and medium-sized enterprises.

Both funds are also co-financed by Fundo de Capital e Quase Capital (FC&QC) managed by BPF – Banco Português de Fomento, S.A. through the Portugal Tech facility managed by the European Investment Fund.

About EIT Urban Mobility

EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union, aims to accelerate solutions and the transition towards a user-centric, integrated and truly multimodal transport system. As the leading European innovation community for urban mobility, EIT Urban Mobility works to avoid fragmentation by facilitating collaboration between cities, industry, academia, research and innovation to solve the most pressing mobility challenges of cities. Using cities as living labs, its industry, research and university partners will demonstrate how new technologies can work to solve real problems in real cities by transporting people, goods and waste in smarter ways.

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