London’s Zencargo announces $20m Series A funding

Zencargo recently announced the completion of its Series A funding round. The London based logistics provider announced the total funds raised as $20m.

The round was led by HV Holtzbrinck Ventures, and saw participation from Tom Stafford, Pentland Ventures and Managing Partner at DST Global, as well as previous investors Samos, LocalGlobe and Picus Capital.

As a posed to traditionally paper-based logistic business, Zencargo approaches the challenges of logistics differently. The startup transforms supply chain management through software and automation.

Established in 2017, the company’s digital platform has been adopted by many. Zencargo’s co-founders; Alex Hersham, Richard Fattal and Jan Riethmayer, now work with some of Europe’s leading growth businesses, including some with billion-dollar supply chains.

The latest round of funding will be used by Zencargo to accelerate the expansion of its recently formed Supply Chain Analytics and Insights group. The goal, for Zencargo, is to leverage their proprietary predictive analytics and machine learning technologies, partnering with clients to set a standard for excellence across the breadth of the supply chain.

The companies incredible speed of growth can be attributed to the speed at which the company can deploy solutions. Zencargo has grown sixfold in the last year.

Co-founder and Chief Executive, Alex Hersham, said: “Failing to digitise the supply chain is holding back Global businesses, with $1.1 trillion left on the table from stock-outs and inventory mistakes. Our mission is to change this.

“Business leaders want increased agility in their supply chain and through our platform we are seeing customers drive cost and working capital improvements in their first few months of adoption by unlocking supply chain insights.”

Christian Saller, General Partner at HV Holtzbrinck Ventures, said: “We’re excited to be working with the Zencargo team. The size of opportunity in this space is enormous and we believe that Zencargo’s approach of bringing automation and a single version of truth to the supply chain will be transformative for customers.”