InstaFreight, a Berlin, Germany-based digital forwarding company, closed a €8m series A funding round.
The backers remained undisclosed.
The company intends to use the funds to further develop its business model, increase automation, and strengthen the data interfaces for customers and partners.
Co-founded by Philipp Ortwein and Maximilian Schaefer in June 2016, InstaFreight is a vertically integrated B2B online freight forwarder, which has digitalized their entire process from quoting prices to invoicing. The platform, particularly tailored to B2B customers looking to book a transport service online, is able to ship transports in Germany and across the EU, with its pool of over 3,000 subcontractors and selected transport networks.
In addition to the funding, Schaefer joined the management team to bring his knowledge of logistical operations. Schaefer is a member of the senior management team at the logistics service provider TNT.
He also set up the logistics for La Moda, an e-commerce company in Russia.
How does InstaFreight work?
1. Business customers can register for free on http://www.instafreight.com/. After being verified by InstaFreight, customers can book transports directly online at fixed prices.
2. Customers can indicate loading and unloading points, as well as the type of load. InstaFreight then calculates a fixed price instantly. Besides spot transports, the platform also offers fixed routes on a contracted basis. The use of InstaFreight is free for both shippers and carriers.
3. Customers can track their shipments from loading to unloading points through a Track & Trace system.
4. After the transport, InstaFreight sends the invoice to the customer. Carriers who complete the order by app will receive payment of their transport within 72 hours.