Freight sourcing and procurement platform SHIPSTA, which has offices in Mertert and Hamburg, has raised $10M to accelerate its global expansion.
Announced on Thursday, the funding round was led by Dubai-based Tricap Investments, with participation from Chris Kirchner, co-founder and CEO at shipping and logistics process automation company Slync.io with participation from existing investors.
According to a press statement, the round “will accelerate the SHIPSTA‘s global growth in the midst of logistics digitisation wave.”
While the shipping industry has historically been slow to adopt digital tools to optimise supply chains, the firm says there is now a growing shift away from manual procurement processes. Citing a report from Gartner, SHIPSTA says “businesses are now seeking tools that help them make better decisions, using data and advanced analytics.”
SHIPSTA’s data-driven solution connects shippers and carriers, automating complex tasks and providing complete transparency of data, it helps businesses respond to market volatility, control freight costs and manage risk in their supply chain. Founded in 2019, SHIPSTA’s software is used by global pharmaceutical, construction, chemical, automotive and industrial firms.
“Enterprises now recognise that they need to be far more agile and responsive to these pressures. The ongoing logistics disruptions have in effect sparked a huge wave of digitalisation in logistics”, comments David Waroquier, CEO at SHIPSTA said. “Since we launched in 2019, we already have over 100 enterprise clients, a third of which are Fortune 500 companies. This latest investment round reflects SHIPSTA’s innovative approach and will further accelerate our international expansion”.
“There’s a real need for logistics teams to transform freight sourcing and procurement processes as well as gain full visibility across markets for data driven decision-making,” said Kirchner.
