FreightHub, Europe’s first fully digital freight forwarder, has raised a $20 million Series A round just 1.5 years after its market launch. This represents the biggest Series A financing round for a logistics startup in Europe to date. The round was led by European VC Northzone, early investor in Spotify, iZettle and Lesara, with participation from current investors Global Founders Capital (GFC), Cherry Ventures, Cavalry Ventures, and La Famiglia. The family office of the Indian entrepreneurial family Mittal joins the company as a strategic business angel.
Founded in 2016, FreightHub operates in a market ripe for digitalisation. The logistics industry still largely relies on outdated, manual, and paper heavy legacy systems, leading to price opacity and inefficiencies.
CEO Ferry Heilemann, who founded FreightHub alongside Erik Muttersbach and Michael Wax commented: “Logistics is a trillion-dollar industry with big issues. The market is highly fragmented and lacks transparency. We launched FreightHub to help companies save both time and money, through reducing friction and improving transparency. The response has been remarkable and we have already grown to supporting over 650 customers, including brand names such as Franke, Viessmann, and Home24.”
Michiel Kotting, Partner at Northzone commented: “The freight forwarding industry is one of the last to see full-scale digitalisation. FreightHub is enabling companies to access the right shipping options at the right price. It really is a no-brainer. With their focus on building the best digital platform to serve their customers, we believe they are in a strong position to capture the market.”
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