Logistics provider Zencargo has announced the completion of its Series A funding round, bringing the total funds raised to $20m.
The round was led by HV Holtzbrinck Ventures, with participation from Tom Stafford, Managing Partner at DST Global, Pentland Ventures, and previous investors Samos, LocalGlobe and Picus Capital.
Zencargo approaches logistics differently from the traditionally paper-based industry, transforming supply chain management through software and automation. Established in 2017 by co-founders Alex Hersham, Richard Fattal and Jan Riethmayer, the company’s digital platform has already been adopted by many of Europe’s leading growth businesses, including some with billion-dollar supply chains.
The speed at which the company can deploy solutions has seen the business grow incredibly quickly, with Zencargo growing sixfold in the last year.
Alex Hersham, co-founder and Chief Executive, said: “Failing to digitise the supply chain is holding back Global businesses, with $1.1 trillion left on the table from stock-outs and inventory mistakes. Our mission is to change this.
“Business leaders want increased agility in their supply chain and through our platform we are seeing customers drive cost and working capital improvements in their first few months of adoption by unlocking supply chain insights.”
Christian Saller, General Partner at HV Holtzbrinck Ventures, said: “We’re excited to be working with the Zencargo team. The size of opportunity in this space is enormous and we believe that Zencargo’s approach of bringing automation and a single version of truth to the supply chain will be transformative for customers.”
Zencargo will use the latest funding to accelerate the expansion of its recently formed Supply Chain Analytics and Insights group. Their goal is to leverage Zencargo’s proprietary predictive analytics and machine learning technologies to partner with clients and set a standard for excellence across the breadth of the supply chain.