Logistics specialist MyDello secures €3.1 million in funding round led by Frumtak Ventures

Estonian logistics startup MyDello has landed €3.1 million in new funding.

It has raised a total of €4.35 million to date, having secured a €1.25 million seed funding in October 2023.

Icelandic VC Frumtak Ventures led the latest investment round, with participation from existing investor Finnish early stage VC Superhero Capital. Joining the board are Frumtak Ventures general partner Andri Heiðar Kristinsson and (previous investor in MyDello) Jevgeni Kabanov, President of urban mobility company Bolt, an Estonian scaleup.

The cash will be used to accelerate international expansion, starting with the UK, where customers can use the platform from December. MyDello intends to fully embed its AI technology into its systems, with the aim of automating most shipment operations by end of 2026.

MyDello is an exclusively B2B company, working with clients drawn from sectors such as manufacturing, wholesale, and e-commerce. The company labels itself the first digital freight forwarder to offer instant door to door pricing and routing for all freight modes (generated with a single inquiry), from 1 kg all the way up to 10 shipping containers, drawing on agreements with 400+ carriers and partnerships with the likes of DHL, Lufthansa, Maersk, Qatar Airways, and Finnair.

MyDello has onboarded 12,500 businesses from 110 countries to its platform. It is currently available across 12 countries in Europe and China, with the company on track to cover every European country by 2027.

Rapala Purchasing Manager Kaile Palu says: “We are extremely satisfied with the freight services provided by MyDello. Their commitment to innovation, timely deliveries, and clear communication has made a huge difference in our supply chain.”

“MyDello’s ERP portal is a game-changer - it accelerates our logistics process, giving us real-time visibility, automated updates, and a full overview over shipments. This makes our operations easier, faster, and more efficient - always on time and hassle free. We truly value this partnership and look forward to continuing our collaboration.”

MyDello Co-founder and CEO Joel Timm says: “We love logistics - my co-founders and I have decades of experience and know the highs and lows of the industry.”

“When we launched MyDello in 2021 we knew there was a better way for our industry to operate and in just a few years we have facilitated thousands of shipments, built up a deep customer base, and struck partnerships and agreements with hundreds of key carriers and industry peers. However, this is just the start, and we’re overjoyed to welcome Frumtak Ventures, and we thank them and our returning investors for their support.”

Frumtak Ventures General Partner Andri Heiðar Kristinsson says: “MyDello is an awesome company: experienced founders with deep industry experience, proven track record, and crystal clear vision for what is next.”

“Being from Iceland, an island in the North Atlantic, we at Frumtak know first-hand how important global logistics and freight forwarding is, while we also remain baffled by the outdated legacy technology and manual processes still dominant in this fragmented industry.”

“MyDello is perfectly positioned to move​ the industry forward to the AI age through its ambitious mission of fully automating shipment operations. This also marks Frumtak’s first investment in an Estonian company, a remarkable and thriving tech ecosystem that has created so many success stories.”

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