Freight logistics digitization has seen significant growth during the pandemic, with companies like Forto, Nuvocargo, Zencargo, and Freightify raising substantial amounts of funding.
The funds are targeted at streamlining and digitizing the industry. As a result, freight forwarders and customs brokers have had to adapt to keep pace with the changing landscape.
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Previously known as Vector.ai, Raft emerged in 2021 after raising a $15 million A-round led by Bessemer Venture Partners.
The company applies machine learning, now rebranded as artificial intelligence (AI), to automate tasks in the logistics sector.
With offices in the UK, India, and the US, Raft serves customers such as EMO Trans, OIA Global, The Scarbrough Group, NNR Global Logistics, and Navia Freight.
Raft’s focus is on helping logistics players implement AI in their operations and customer interactions.
The company’s product addresses pain points related to accounts payable reconciliation, customs entry preparation, warehousing, booking confirmations, and more.
Additionally, Raft offers a customer-facing shipment portal that enables users to share internal and third-party data with their end-customers.
This includes features like multi-source container visibility, emissions reporting, and quote-to-book functionalities.
The recent $30 million Series B funding round was led by Eight Roads VC, with participation from existing investors Bessemer Venture Partners, Episode 1, Dynamo Ventures, and Moguntia Capital.
Michael Treskow, a partner at Eight Roads, commended Raft for combining industry expertise with cutting-edge AI to deliver immediate value to customers.
He believes that Raft has the potential to address many more pain points in the industry.
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The funding injection support Raft’s continued expansion and development of its AI-powered solutions.
The company aims to help freight forwarders and customs brokers enhance their efficiency, reduce manual processes, and provide better customer experiences in an increasingly digitized logistics landscape.
