Supply chain startup Zencargo snags $41m in Series B funding

Zencargo, a digital first freight forwarder which works with the likes of Vivienne Westwood, Swoon Furniture, and Farfetch, has raised $41 million in Series B financing.

This was led by Digital+ Partners, with participation from existing investors including HV Capital.

London-based Zencargo, which was founded in 2017, will use this latest round of funding to grow its team – from 150 to 350 people over the next two years – and further expand internationally, to the Netherlands, Hong Kong, and the United States.

The venture has now raised a total of £42 million, and is targeting revenues of £100 million for this year, and over £200 million for 2022.

“With global freight reliability so low as a result of the pandemic, Brexit, and even the Suez Canal delays, it’s more important than ever for businesses to make informed supply chain decisions that will enable them to serve and satisfy their customers, and Zencargo is the perfect partner to help them do that,” comments Zencargo CEO and co-founder Alex Hersham.

“We pride ourselves on the outstanding service we provide to customers, combining unrivalled industry experience and know-how with purpose-built technology so that our customers’ inbound supply chains are run in a far more sustainable and efficient way, enabling them to maximise growth.”

“The freight industry has struggled to keep pace with innovation. Archaic processes are still in place across the board, resulting in widespread inefficiencies,” says Patrick Beitel, Managing Director and Founding Partner at Digital+ Partners.

“Zencargo’s cutting edge technologies, plus deep industry experience and knowledge, are transforming the supply chain, and that marries up perfectly with our mission to back companies with best-in-class technology and exceptional management teams. We are honoured to join them on the next stage of their journey.”