Zencago London Digital Freight Forwarder
London-based digital freight forwarded Zencargo raises £30M in Series B funding.
03:28 13 May 2021
Zencargo, a London-based digital freight forwarder, has successfully raised £30million in an investment round led by Digital+ Partners and participated by HV Capital and other existing investors.
The firm specialises in using AI machine learning in helping organisations make smarter decisions by providing them a real-time overview of their supply chain. With the new funding, the firm plans to hire additional 200 employees in the next two years and expand the business internationally.
Zencargo was founded by Jan Riethmayer, Richard Fattal and Alex Hersham in 2017. It had faced unprecedented disruption due to the Covid-19 pandemic and Brexit, which have both resulted in a supply-side issue and a sharp uptick in demand along with further complications.
Alex Hersham said: “With global freight reliability so low as a result of the pandemic, Brexit, and even the Suez Canal delays, it’s more important than ever for businesses to make informed supply-chain decisions that will enable them to serve and satisfy their customers, and Zencargo is the perfect partner to help them do that,”
He added: “We pride ourselves on the outstanding service we provide to customers, combining unrivalled industry experience and know-how with purpose-built technology so that our customers’ inbound supply chains are run in a far more sustainable and efficient way, enabling them to maximise growth. This funding comes at a time of significant growth for the business, and will enable us to grow our team and operations and provide critical support to even more clients.”