Fleet, a startup online marketplace that simplifies international freight shipping, today announced it has completed a $10 million Series A round of financing.
Lufthansa Cargo led the investment round with participation from existing and new investors including Hunt Technology Ventures, UPS, UP2398, 1517 Fund, among other previous investors.
Led by 21-year-old Max Lock, Fleet has raised a total of $14 million since its launch in 2014.
This new round of funding enables the company to expand its team in Portland, increase features and functionality of the product, and focus on business development.
Additionally, Dr. Alexis von Hoensbroech, Chief Commercial Officer of Lufthansa Cargo, has joined Fleet’s board of directors.
“Fleet Logistics is a perfect match for us as the company combines innovative and visionary thinking with a strong intrinsic motivation to improve air cargo booking and shipping efficiency and, finally, our customers’ overall experience,” said Peter Gerber, CEO of Lufthansa Cargo.
“We expect substantial learnings with regard to our product and service portfolio. Thus, we are sure that Lufthansa Cargo and Fleet will mutually benefit from sharing concepts and ideas.”
The Series A round builds on Fleet’s growing success, including the addition of thousands of importers, exporters and more than 500 freight forwarders looking to manage their shipments online.
Over the past year, the shipping spend that Fleet processed through its platform has grown seven times and saved shippers thousands of dollars, claims the company.
For a typical medium-sized shipper (a business that ships from 5 to 100+ shipments per month), Fleet helps save up to $30,000 and 800 hours annually by reducing the time spent getting quotes, setting up accounts, managing paperwork and checking on the shipment status, claims the company.
“Lufthansa Cargo brings strategic industry experience and joins Fleet not only as an investor, but also as a board member, and soon as a partner to help launch our new air freight platform,” said Max Lock, CEO of Fleet.
“This new funding enables Fleet to accelerate our platform and bring new features and functionality to enhance our customers’ experience.”
Fleet provides shipper with an option to select ocean carriers, airlines, trucking companies and warehouses, to create an end-to-end team that is personalized to their unique business needs.
By fully digitalizing the selection, booking, payment and fulfillment process for shippers’ supply chain needs, Fleet allows shippers to save money, time, to increase efficiencies and to avoid the hassles of the traditional supply chain approach, says the company.
Fleet increases supply chain visibility: from competitive service provider pricing to centralized documentation, and online status tracking.
The platform allows multiple parties to automate, manage and share everything online: documentation, communication, and payment.