Forto, a provider of digitized freight forwarding and supply chain solutions, has announced that it has raised $240M in an investment round. The round was led by SoftBank Vision Fund 21, with participation from Citi Ventures and G Squared, and backing from existing investors including Northzone, Inven Capital, Cherry Ventures, and Unbound. With this round, Forto’s valuation now stands at $1.2 Billion.
“Logistics is the backbone of global commerce, and data analytics, machine learning, and process automation will reshape the global delivery of goods and services,” commented Karol Niewiadomski, senior investor for SoftBank Investment Advisers. “Forto’s centralized platform leverages these technologies to boost operational efficiency, lower handling costs, and increase transparency for their customers. We’re pleased to partner with Michael and his team as they continue to scale the business internationally.”
Under the terms of the investment, Nahoko Hoshino will join the Forto Board as a representative for SoftBank Investment Advisers.
“With this investment we are able to further accelerate our growth path and roadmap,” added Michael Wax, CEO and Co-Founder of Forto. “In our effort to further digitize global trade, we plan to significantly expand our geographical footprint, technology platform, and customer operations, to cement our market leadership in Europe and beyond.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.