Liftit, a Colombia based logistics firm secures a new capital amount USD 22.5 million in series B round. The investment round was led by Cambridge Capital along with Jaguar Ventures, IFC, NXTP Ventures, Monashees and others. So far the company has secured USD 39.2 million as investments.
Secured capital will be utilized to expand operations in Latin America. The company claims that the investment will support the company to further develop its own technology in order to digitize logistics in the following markets- Chile, Brazil, Colombia, Mexico and Ecuador.
The company was established in the year 2017 by three Colombians- Felipe Betancourt, Brian York and Angel Celia Botto. The aim of the company is to connect providers of cargo transportation services with companies and individuals. It recently launched an open collaboration ecosystem to connect users and carriers known as Flora Logistics.
“Liftit is solving a major problem for freight generators in Latin America, connecting transporters and transport capacity using localized technology to meet the unique needs of the region,” commented Ed Feitzinger, Board member of Liftit. The company recently launched an open collaboration ecosystem to connect users and carriers known as Flora Logistics.
Feitzinger is the former Vice President of Global Logistics at Amazon and has previously served as CEO of a global freight forwarder operating in 59 countries. Along with Ben Gordon, Matt Smalley, from Cambridge Capital, also joins the board of Liftit as a Director. “It offers a unique combination of technology and operational capacity to solve that problem,” he added.
By automating and optimizing delivery processes using artificial intelligence and machine learning, the Colombian firm is able to minimize operational costs for its clients. Through the platform, users can execute and hire any type of delivery, as well as track all the processes in real-time.
Managing Director of Cambridge Capital, Ben Gordon, commented, “Our experience as global business creators in the supply chain and our unique perspective as operators, strategic advisers and investors focused exclusively on logistics, will allow us to help Liftit continue to build its moat in the logistics technology business and last-mile transportation in Latin America.”
The start-up is currently making 150,000 deliveries per month with 300 members in its staff. The given figure generates more than USD million per month as revenue.
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