Forto Raises $240M in Funding, Led By Softbank’s Vision Fund
Forto has raised $240 million in an investment round led by Softbank and its Vision Fund, the freight-tech logistics startup announced on Monday, June 21. The five-year-old Berlin company organizing trade shipments between Europe and China plans on expanding its geographical footprint to secure market leadership.
“With this investment, we are able to further accelerate our growth path and roadmap,” Michael Wax, CEO and co-founder of Forto, said in a press release.
The investment round was led by Softbank’s Vision Fund 2, along with Citi Ventures, G Squared, Northzone, Inven Capital, Unbound, and Cherry Ventures. Forto’s valuation now stands at $1.2 billion.
“Logistics is the backbone of global commerce, and data analytics, machine learning, and process automation will reshape the global delivery of goods and services,” Karol Niewiadomski, senior investor for SoftBank Investment Advisers, stated. "Forto's centralized platform leverages these technologies to boost operational efficiency, lower handling costs, and increase transparency for their customers. We're pleased to partner with Michael and his team as they continue to scale the business internationally."
With this financial boost, Forto can develop highly transparent and sustainable digitized logistics. Its current client base counts some 2,500 companies, mainly mid-sized businesses; the company helps ship up to 10,000 containers per year by air, sea, and rail. Forto’s biggest clients include Home 24, German supermarket chain Edeka, Glencore, and ThyssenKrupp.
Despite the market getting ravaged by the COVID-19 pandemic, the German startup tripled its profits last year and plans on expanding beyond Europe and China.
Forto is not the only freight tech company Softbank has placed its bets on. The Japanese multinational conglomerate led the $1.7 billion investment round backing China’s Full Truck Alliance in November 2020, and the overall startup funding numbers around the world continue to break all records.
Your email address will not be published.