Lithuanian logtech (logistics tech) startup GoRamp has raised €1.5 million in funding. The financing came from international venture capital funds and the community of business angels/founders from companies such as UPS, Shopify, Infoscout. Previously, the startup secured €450K funding in late 2020.
The investment round in GoRamp will be targeted to increase business volumes in Europe. It is already witnessing promising results in the UK, Benelux, Poland, and Germany and eyes to enter new markets such as France, Spain, and Italy and gain more traction in the US.
Jevgenij Polonis, CEO of GoRamp said, “Digital solutions are irreplaceable and our solution helps customers eliminate more than two-thirds of operational manual labour, save time, streamline supply chain operations and do up to twice as much work with the available resources. We see that the demand for our product is growing because of more attention to sustainability and digitalisation of manufacturing companies. That’s why timing for aggressive expansion being first-movers is more than perfect.”
What does GoRamp do?
The Vilnius, Lithuania-based startup was founded by Jevgenij Polonis, Marius Repecka and Ugnė Palionytė in 2016 in Vilnius. It provides a SaaS solution, which enables manufacturing, retail and production companies to digitise their logistics operations through sourcing, planning and monitoring transportation shipments. The company also offers top-tier software solutions for shippers to make proactive decisions while sourcing, monitoring and analysing transportation management.
It helps manufacturing companies avoid manual repetitive tasks, including communicating with transportation companies to agree prices, getting feedback on truck numbers and arrival times, and activities like manually creating reports. GoRamp’s real-time logistics platform lets companies speed up both external and internal communication regarding transportation shipments. Also, it lets warehouses smoothly plan their workflow throughout the day avoiding queues and C-level managers track KPIs to make data-based decisions for process improvement.
Growth amidst pandemic
According to the data provided by GoRamp clients, the system eliminates 70 percent of operational work, increases 20 percent of warehouse loading efficiency and decreases up to 25 percent of logistics costs.
In 2021, GoRamp witnessed 3x business volume. Currently, the company operates in 18 different countries worldwide. Its customer base grew by 2.5x and the company is already trusted by some of the leading global companies, including Pfizer, Thermofisher Scientific, Continental, Mondelez, Storenso, and others. Its customers specialise in sectors such as manufacturing, pharmaceutical, automotive, wood, furniture, metal, energy, and plastics.