Based out of Lisbon, Cargofive, which revolutionises the freight forwarding industry with advanced technology, has picked up €1.8 million. The investment round was led by venture capital firms Lince Capital and Shilling, which backed Coverflex and Reviewpad, with participation from angel investors and funds from the European Union.
This funding will enable Cargofive to continue innovating and improving our product, invest more in marketing and sales, double our team size, and expand our operations in Europe and beyond.
Sebastian Cazajus CEO and Co-Founder of Cargofive said about the industry’s current landscape added, “International shipping has remained largely offline until recent years, causing products to cost more and arrive later than needed. We launched Cargofive to transform this reality, aiming to simplify how freight forwarders operate, and make them quicker and more cost-effective.”
“Maritime cargo transportation is currently responsible for around 90% of the total volume of goods circulation worldwide”, said Vasco Pereira Coutinho, CEO of Lince Capital. “However, the sector still operates in a very traditional and inefficient way, so the digitisation of this industry is essential for the global economy, and Cargofive is very well positioned to benefit from this movement”.
Digitises freight forwarding operations
Despite being a critical component of global trade, a considerable portion of the freight forwarding process is still conducted offline. Freight forwarders face difficulties in securing optimal prices and schedules for transporting goods due to reliance on outdated procedures. The manual processes are time-consuming and often takeg hours or even days to complete. The lack of standardised data and digital tools makes it challenging for freight forwarders to streamline operations, resulting in inefficiencies, delays, and increased costs.
Cargofive addresses these challenges by providing a digital platform that automates and digitises freight forwarding operations. Cargofive was founded in 2018 by Juan Francisco Garabato, Julio Avila, Andrea van der Biest and Sebastian Cazajus in Lisbon, Portugal. It revolutionises the industry by equipping freight forwarders with advanced technology to find the best routes, prices and send quotations to customers within a few clicks.
Their platform leverages technology, data analytics, and machine learning to streamline processes, improve efficiency, and enhance visibility across the entire supply chain. It aims to reduce administrative burdens, minimise errors, and provide real-time insights into shipment status, pricing, and transit times.
The company has been growing at a rapid pace, and tripled its sales over the past year, with around 100 clients in over 10 countries. Its clients include industry leaders such as Romeu & Cia, part of the logistic holding Grupo Romeu, and IContainers (Agility).