Cargofive gets €1.8M

Portuguese startup Cargofive which has developed a platform for freight forwarders (companies that a responsible for shipping cargo from supplier to the client), has concluded an investment seed round of €1.8 million.

The round was led by the venture capital company Lince Capital and Shilling. With this investment the company expects to double its team by the end of the year to 76 staff, particularly in the marketing and sales areas.
“This finance will allow us to continue to innovate and improve our product, investing more in marketing and sales, doubling the size of our team and expanding our operations in Europe and beyond”, says Sebastian Cazajus, CEO and co-founder of Cargofive in a communiqué.
On its website, Cargofive says it is helping freight forwarders to go digital while offering all ocean freight rates on one platform.
“Compare spot, FCL* and LCL* rates from different shipping and NVOCC* companies quick and easy. Obtain real-time data and integration with the most important shipping companies on the market. With all your rates in just one place, you can be more agile, book your shipments quickly and don’t lose your ship slot”, it states.

*FCL (Full Container Load), or full container: the client’s goods are transported in a filled and sealed container; *LCL (Less than Container Load) or grouped shipment: the client’ goods are not numerous enough to fill a container, the goods of several clients are put into one container.

*An NVOCC refers to a non-vessel operating common carrier. When opting for ocean transport to export or import materials, an NVOCC is an intermediary that helps small and medium businesses that may not require an entire container to ship their goods.

Image: Andres Canavessi – Unsplash