Freight tech startup Forto raises $240 million in Softbank-led round

Funding Rounds

▤ Summary

BERLIN, June 21 (Reuters) - Forto has raised $240 million from investors led by Softbank (9984.T), the freight technology startup said on Monday, and will invest in expanding its platform for organising trade shipments between China and Europe. The five-year-old Berlin firm offers a single platform for managing the journey of a shipping container from origin to destination - a task long handled with pen, paper and post-it notes, said Forto CEO and co-founder Michael Wax. Softbank has placed other bets on freight tech including on Chinas Full Truck Alliance (YMM.N), which has filed to do an initial public offering in New York that would value it at more than $20 billion. read more Forto, one of a crop of fast-growing German logistics startups that includes trucking specialist Sennder, trebled revenue last year despite the shock to world trade caused by the coronavirus pandemic. read more With supply chains strained by shifting consumption patterns and a steep economic recovery, Forto says its freight management system is key for clients to maximise the visibility and flexibility of their own shipments.

$ Funding

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Amount $240.1M Total raised
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Date June 21, 2021 Announcement date
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Investors Reuters Venture Capital, SoftBank Internet and Media, Inc. Lead investors
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Company https://forto.com Funded company

▥ Classifications

industries
Fintech & Banking
applications
Accounting and Taxes

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