Logistics AI platform Cargofy raised $11M in Series A round

Ukrainian Cargofy announced the closing of a Series A investment round totaling $11M.

The company told AIN.

Of that sum, $6M are direct investments, and the other $5M are secondary (secondaries).

Who invested

Venture funds u.ventures, Toloka.vc and Movens Capital participated in the round.

The funding also included Des Traynor, co-founder of Intercom, and other angel investors.

Where the funds will be directed

The company says the received funding will be allocated across three main areas:

1. Expansion of presence and new markets. Currently the company has offices in Houston, Warsaw, Kyiv (covering the markets of the USA, Ukraine, Poland, Romania, Bulgaria) and Baku (covering Azerbaijan, Kazakhstan, Uzbekistan, Georgia and Turkey). New offices are planned in Germany, the Netherlands, France, Spain, and also in the Midwest, East Coast and West Coast regions of the USA. They are also preparing to enter the markets of Brazil, Mexico and the Middle East.
2. Team expansion. They plan to increase the share of foreign specialists on staff from the current 10% to 40%.
3. R&D development. They plan to deepen the functionality of AI agents to perform a wider range of operations, including full order management, invoicing and document verification.

More about Cargofy

Cargofy is an AI platform that creates digital workers for logistics companies in Europe, the USA and the Caspian region.

Overall, Cargofy specializes in developing AI agents that integrate into the existing processes of logistics teams without changing their operational structure.

Photo: Cargofy

The company’s AI agents can communicate with carriers, process documentation, send reminders and coordinate dispatching 24/7 in multiple languages.

Currently Cargofy works with shippers, carriers and 3PL providers, and its clients include SuuS, Nova Group, Kaspi, Zammler, Metinvest and Vista. 

In 2022 Cargofy raised $2.5M in seed investment from JKR Investment Group and Flyer One Ventures.

Read also: Defense Tech startup Alta Ares raised €50M in investments. The round was led by Air Street Capital