Lufthansa Cargo invests in online marketplace
24 / 01 / 2018
Lufthansa Cargo is one of a number of companies that has invested in start-up logistics marketplace Fleet Logistics Inc (Fleet).
Lufthansa did not disclose how much it had invested in the company, but in total Fleet raised $10m in the latest round of fund raising.
Other companies to invest in Portland-based Fleet include Hunt Technology Ventures, UPS, UP2398 and 1517 Fund.
Fleet was founded in 2014 and acts as an online marketplace, matching demand for freight services with available capacity from logistics companies.
The investment will also see Lufthansa Cargo chief commercial officer Alexis von Hoensbroech take a seat on the board of directors at Fleet.
“Fleet Logistics is a perfect match for us as the company combines innovative and visionary thinking with a strong intrinsic motivation to improve air cargo booking and shipping efficiency and, finally, our customers’ overall experience,” said Lufthansa Cargo chief executive Peter Gerber.
“We expect substantial learnings with regard to our product and service portfolio. Thus, we are sure that Lufthansa Cargo and Fleet Logistics will mutually benefit from sharing concepts and ideas.”
The air cargo carrier added: “By acquiring shares in Fleet Logistics, Lufthansa Cargo underlines its strategic commitment in lifting the airfreight industry to a superior digital maturity level.
“The acquisition is part of the Lufthansa Group’s overall digitisation strategy and was strongly supported by the Lufthansa Innovation Hub in Berlin.”
Fleet said that over the past year shipping spend via its platform has grown seven times.
“This new funding round will enable us to expand our team in Portland, to develop the product, and to focus on business development,” the company said.
Fleet chief executive Max Lock said: “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.
“This new funding enables Fleet to accelerate our platform and bring new features and functionality to enhance our customers’ experience.”
For a typical medium-sized shipper with around 5-100+ shipments per month, Fleet claims to help 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.
Since launch, the company has raised more than $14m in funding.
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