Zencargo raises US$20 million to start supply chain analytics group
DIGITAL freight forwarder Zencargo has raised US$20 million through Series A funding to be used to develop software to launch a supply chain analytics group
DIGITAL freight forwarder Zencargo has raised US$20 million through Series A funding to be used to develop software to launch a supply chain analytics group.
Co-founder Alex Hersham was quoted as saying in a report by New York's Air Cargo World that 'failing to digitise the supply chain is holding back global businesses.' He added that $1.1 trillion in supply inefficiencies has been lost due to poor inventory planning.
One of the London-based company's goals, which it plans to achieve through the launch of the new insights group, is to leverage its predictive-analytics and machine-learning capabilities in its partnerships with customers.
The two-year-old start-up wrapped up its 'seed plus' round of funding last September, in which it raised $4 million. Its services include instant quotes and booking and real-time shipment tracking through a centralised platform that 'pulls supply-chain data from different systems and parties.'
'Business leaders want increased agility in their supply chain and, through our platform, we are seeing customers drive cost and working capital improvements in their first few months of adoption by unlocking supply chain insights,' Mr Hersham said.
The latest round of funding was led by HV Holtzbrinck Ventures, with participation from Tom Stafford, managing partner venture capital firm DST Global and Pentland Ventures.
HV Holtzbrinck general partner Christian Saller described the size of opportunity in the supply chain digitisation space as being 'enormous' and added that going paperless will bring 'a single version of truth to the supply chain will be transformative for customers.'