Digital Freight Forwarders Look to Expand Asian Operations
Digital freight forwarder Forto has raised $50 million in funding bringing its total funding to $126 million since its founding in 2016. The funding round was led by Inven Capital. Forto has seen a boost in its ocean freight volume in 2020 and its supply chain management solutions are now used by over 2,500 customers, including industrial manufacturer Viessmann, consumer goods giant Miele and e-commerce brand Home24. Forto’s platform gives customers real time data and on time delivery. It also offers emissions ratings for transport options which allows companies to track their carbon emissions.
Forto will use the new funding to further develop its supply chain management solutions by adding new order management features. It will also focus on expanding its European and Asian operations. Forto currently has five offices in Asia following the recent opening of a Singapore office. Forto is not the only freight forwarder looking to expand its Asian operations. Uk based freight forwarder Beacon recently opened a new office in Hong Kong following a $15 million Series A funding round in June.
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