German digital freight forwarding start-up, FreightHub, raised €17 million in Series A funding to strengthen its European leadership position in logistics technology, capitalising on 1.5 years of growth.
European venture capital firm, Northzone, is lead investor of the round, early investor in Spotify, iZettle and Lesara, with participation from current investors Global Founders Capital (GFC), Cherry Ventures and La Famiglia. The family office of the Indian Entrepreneurial family, Mittal, has reportedly joined the company as a strategic business angel.
“Logistics is a trillion-dollar industry with big issues,” said FreightHub CEO, Ferry Heilemann. “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.”
“The freight forwarding industry is one of the last to see full-scale digitalisation,” said Northzone Partner, Michiel Kotting. “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.”
“With this funding, we will continue to deliver on our growth plans, and open new hubs in Asia and the USA,” said Ferry. “We are delighted that our investors will support us, not only with capital, but also with their international networks, as we look to build the digital backbone of the logistics industry.”