Raft raises $30m in Series B funding

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PRESS RELEASE 

– New investment earmarked for further R&D at Raft, the early pioneer of AI in logistics

– Raft already serves 60 customers, including 40% of A&A’s Top 25 Global Freight Forwarders List

– Platform helps to automate the execution of over 300k shipments per month, saving its customers up to 2 hours on every shipment

London, UK, Tuesday 11th July 2023: Intelligent logistics platform Raft announced today the successful completion of its Series B funding round, raising $30 million in investment. The funding round is led by global VC investor Eight Roads with participation from existing investors Bessemer Venture Partners, Episode 1, and Dynamo Ventures, as well as Moguntia Capital.

Founded in 2017, Raft—formerly known as Vector.ai—helps key players in the logistics industry apply AI to their daily tasks and customer interactions. The fresh capital infusion will be used to increase development and deployment of Raft’s core automation products, improve data collaboration across the ecosystem—including mission-critical emissions and visibility data—and overall deepen Raft’s market reach.

“We founded Raft as an AI-first company because we saw an opportunity to empower freight forwarders and customs brokers with technology, and take pressure off their operational teams so that they could focus on their customers instead of their keyboards,” said James Coombes, CEO and Co-Founder.

“We’ve always been clear about focusing on specific parts of the shipment lifecycle where automation has the highest ROI. We recognized early on the pain points around accounts payable reconciliation and customs entry preparation, and we’ve since grown the product to help automate areas such as warehousing, booking confirmations, and more,” he continued.

“We quickly understood that our customers don’t want separate solutions for each of these areas, they want one AI-platform that offers best-in-class automation across the length and breadth of their business. That’s Raft,” said Coombes…

The full release is here.