SmartKargo secures investment as it looks to grow
17 / 03 / 2021
By Damian Brett
Investment firm M33 Growth has invested in air cargo platform SmartKargo, with the funds set to be used on the role out of its e-commerce service for airlines.
The cloud-based platform declined to say how much had been injected but said the cash would be used to “fuel the adoption of SmartKargo e-commerce integrated shipping technology” by global airlines.
A spokesperson explained the investment would be used for the “roll out” of its e-commerce shipping solution.
The company said that it had experienced an increase in demand of late and it expects this trend to continue.
“Airlines in Brazil, Canada, Mexico and Norway are among the early adopters and have significantly grown cargo revenues by shipping e-commerce products on passenger airplanes,” SmartKargo said in a press release.
The company pointed to projections that show e-commerce sales will accelerate from an estimated $5trn this year to $6.4trn in 2024.
“We believe that M33’s investment and knowledge will help us bring our product to more customers worldwide and while continuing to build out our leading capabilities,” said Milind Tavshikar, chief executive of SmartKargo.