Raft raises US$30 million in Series B funding

Raft raises US$30 million in Series B funding

July 16, 2023

Logistics platform Raft successfully completed its Series B funding round, raising US$30 million. The funding round is led by global VC investor Eight Roads with participation from existing investors Bessemer Venture Partners, Episode 1, and Dynamo Ventures, as well as Moguntia Capital.

The company aims to help key players in the logistics industry with the fresh capital infusion that will be used to increase the development and deployment of Raft’s core automation products, and improve data collaboration across the ecosystem.

“At a time when freight forwarders and customs brokers are being squeezed from both sides, lower revenue as rates and volumes drop post-covid and rising costs from high staff turnover and wage inflation, digital tools that help win and retain customers combined with automation tools that make operations budgets stretch further have never been so important,” said Raft in a statement.

Earlier, Raft also released a shipment portal offering its customers the ability to share both internal data as well as third-party data with their end-customers.

James Coombes, CEO and co-founder, commented, “One thing we noticed is that our customers struggled to take the fragmented data that sits across their business and serve it digitally to their shipper end-customers. We have clean AI-standardized data, broad exposure across the shipment lifecycle, and existing integrations across the ecosystem, and so we felt like we were well placed to offer that.”

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