Birmingham-based logistics management platform Cargo Stream has secured €1m (£865,000) to fuel its expansion into foreign markets.
Founded in 2019, Cargo Stream has built a software platform designed to optimise the running of logistics businesses.
Cargo Stream automates key processes such as tendering, the process by which a shipper requests bids from carriers for the transportation of goods.
The automated platform also aims to cut manual data input with real-time analysis and comparisons of offers. Cargo Stream released a mobile app in 2021 to go alongside its primary platform.
The new funding round, led by private equity firm LitCapital, will support the company’s foreign expansion plans.
“This investment will allow us to accelerate our plans for expansion in Poland. Additionally, it will provide us with the necessary resources to enhance our operations in the UK, where we already have a presence,” said Sarunas Belickas, COO of Cargo Stream.
“Based on the current financial projections, our revenue will exceed €2m. Objectively, it could be more, hence our aim is to reach €3m in 2023.”
The global logistics market was recently valued at $7.98tn and was projected to be worth $18.23tn by 2030, according to data from Precedence Research.
However, funding for supply chain tech companies dropped sharply in Q3 last year amid a broader funding downturn.