The round was led by Eight Roads, the London-based venture capital firm managing $8 billion in assets, with strategic investment from Maersk Growth, the venture arm of the global logistics giant. Additional support came from existing investors Local Globe and Crane. The investment will allow 7bridges to assist companies in enhancing their supply chains.
“This latest funding round will help us achieve our mission of using transformational technologies to enable supply chains that are customer centric, resilient to disruption, more cost-effective, help to decrease waste, improve access to goods worldwide and ultimately, autonomous,” said Co-founder Matei Beremski wrote on the blog.
For the next 18 months, Beremsk said the company will focus on increasing the reach of their trademarked AI-powered logistics platform.
He said 7bridges is used by some of the world’s top eCommerce, retail, pharmaceutical and manufacturing brands, providing them with more logistics visibility and the ability to orchestrate and execute operations across their supply chains.
Last week, PYMNTS reported that Indian logistics fulfillment startup Shiprocket has acquired truck aggregator platform RocketBox to provide online retailers with cargo shipping solutions.
It represented Shiprocket’s second acquisition in the past week, following their announcement that they would purchase a majority stake in Wigzo Tech, a platform that analyzes consumer behavior. Shiprocket is fresh off a $185 million in Series E funding round led by Zomato, the Indian food delivery app.
The company said it wants to use these acquisitions to help online retailers offer a more complete experience to their customers.
“Given the rapidly changing consumer expectations and their preference for quick, seamless deliveries, it’s imperative to ensure all legs of the supply chain are optimized,” said Shiprocket Co-founder and CEO Saahil Goel.