Fleet funding
Online shipping marketplace Fleet has completed a $10m Series A round of financing.
Lufthansa Cargo led the investment round with participation from existing and new investors including Hunt Technology Ventures and UPS.
Launched in 2014 under its original name Shipstr, Fleet enables shippers to select ocean carriers, airlines, trucking companies, and warehouses. The company describes its platform as a “Global Distribution System” which “links rates, automates bookings and documentation for shippers and their logistics providers on a single, seamless platform”.
Led by 21-year-old Max Lock, Fleet has raised a total of $14m since its launch.
In a statement issued today (24 January) about the latest funding round, Fleet said that Dr. Alexis von Hoensbroech, Chief Commercial Officer of Lufthansa Cargo, has joined its board of directors.
“Lufthansa Cargo brings strategic industry experience and joins Fleet not only as an investor, but also as a board member, and soon as a partner to help launch our new air freight platform,” said Lock. “This new funding enables Fleet to accelerate our platform and bring new features and functionality to enhance our customers’ experience.”
The Fleet statement added: “The Series A round builds on Fleet’s growing success, including the addition of thousands of importers, exporters and more than 500 freight forwarders looking to manage their shipments online. Over the past year, the shipping spend that Fleet processed through its platform has grown seven times and saved shippers thousands of dollars. For a typical medium-sized shipper (a business that ships from 5 to 100+ shipments per month), Fleet helps save up to $30,000 and 800 hours annually by reducing the time spent getting quotes, setting up accounts, managing paperwork and checking on the shipment status.”
