London-based startup Zeus has picked up £1.8m in funding from angel investors for its freight management software used by the likes of Primark, Decathalon and P&G.
Zeus’ software as a service (SaaS) platform provides businesses with access to large goods vehicles, fleet management tools and the ability to carbon offset their deliveries.
Clemente Theotokis, co-founder and joint-managing director, Zeus said: “This investment will further fund our expansion into Europe, where we are already rapidly gaining new clients, and the development of new SaaS solutions to further digitise our clients’ supply chains and accelerate the path to implementing sustainable freight.”
The company says it manages more than 660,000 tonnes of cargo each year worth approximately £6bn. It counts more than 40 “enterprise-level” companies among its customers.
Angels that contributed to the Zeus funding round include former transport minister of Jordan Sahel Al-Majali, founder of Marl Capital and lead investor Robin Ladow, and the CEO of Egyptian Steel Ahmed Abou Hashima, amongst others.
“These leaders present great strategic value to a fast-growing startup like Zeus as successful business minds as well as savvy financiers,” said Jai Kanwar, co-founder and joint-managing director, Zeus.
Founded in 2019 and launched in August 2020, Zeus’ £1.8m brings the firm’s total capital raised to £4.3m.
Ahmed Abou Hashima, CEO, Egyptian Steel said: “Globally, Zeus may be a later entrant to the freight automation sector, however they are showing a true grasp of the need for layers of innovation and invention meshed together with skilled teams and clear strategic planning.”
Another UK technology company looking to modernise the trucking industry with new solutions is Tevva, which is building hydrogen-electric trucks.