The funding will help Zencargo extend operations to the Netherlands, Hong Kong, and the US. Here are the top-line bullets you need to know.
Zencargo, a digital platform for freight forwarding and logistics, has raised $42M in a Series B, with participation from Digital+ Partners and HV Capital.
How’s the company performing?
- London-based Zencargo is a digital platform that facilitates freight forwarding and logistics. It helps its users manage shipments with SKU data and provides analysis for supply chain decisions.
- Zencargo offers its freight tracking services across air, sea, and land. Marine cargo accounts for half of its entire traffic.
- The company provides its services to Amazon, Vivienne Westwood, Swoon Furniture, and Soho Home, among others.
- The company expects to generate £100M ($120M) in revenue this year.
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 funding reached $14.9B across 530+ deals in 2020.