The funding helps Forto reach a valuation of $1.2B. Here are the top-line bullets you need to know.
Forto, a digital freight forwarder, has raised $240M in a Series D that drew participation from SoftBank Group, Northzone Ventures, Cherry Ventures, G Squared, and Citi Ventures, among others.
How’s the company performing?
- Germany-based Forto offers freight forwarding services for air, rail, & sea transport and provides booking, data management, document exchange, & supply chain management services.
- It reportedly ships up to 10,000 containers a year for 2,500 large and mid-sized businesses in manufacturing and e-commerce. Its clients include Home 24, Miweba, Osaan, and Dussman, among others.
- Forto has more than 500 employees in 11 offices across Europe and Asia.
Why does the market matter?
- The global digital freight forwarder market is expected to grow at a CAGR of 16.1% and reach $2B by 2025, according to Marketsandresearch.biz.
- The Covid-19 pandemic and subsequent supply chain disruptions have led to increased investments in freight management solutions. This is primarily to increase supply chain visibility and transparency and reduce costs.
- Global supply chain and logistics tech investment reached $8.6B in Q1’21.