fbpx

Forto raises $240M from SoftBank

forto funding

Freight technology startup, Forto, announced that it has raised $240 million in a round led by SoftBank and others at a valuation of $1.2 billion.

The round also saw participation from new investors Citi Ventures and G Squared, while existing backers including Northzone, Cherry Ventures, and Unbound reinvested, Forto said. With the latest investment, the company has raised a total of $360 million in venture capital

The company plans to use the freshly raised funds for extending its platform for arranging trade shipments between China and Europe, according to the Berlin-based company.

Forto provides a single platform for handling the journey of a shipping container from start to end—a chore long-handled with pen, paper, and post, said co-founder Michael Wax. 

“A shipment from Shanghai to a warehouse in Berlin should not be more difficult than a payment via Paypal or Stripe today,” Wax, who is also CEO of the firm said comparing the digitalization of logistics with that of consumer payments.

Japan’s SoftBank Vision Fund II has made other investments in freight tech including China’s Full Truck Alliance that has filed for an IPO in New York that would value it at over $20 billion.

With supply chains stretched by changing consumption patterns and a steep economic recovery, Forto says its freight management system is essential for clients to maximize the visibility and flexibility of their own shipments.

Wax said that Forto had a client list of 2,500 companies. It is focused on catering to mid-sized businesses shipping up to 10,000 containers a year by sea, rail, and air. Bigger clients include online furniture retailer Home 24 and German supermarket chain Edeka, and commodities house Glencore and industrial group ThyssenKrupp. 

“We are building the digital backbone of global trade—90% of the goods that we have in our hands are either in a container or have been in a container,” said Wax.

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For publishing an advertorial article about your company on our website, drop an email at taniya@startuplanes.com

Tags

top