Unlocking Innovation: Raft Secures $30 Million in Series B Funding
July 11, 2023
London-based logistics provider Raft, previously known as Vector.ai, has recently made waves in the industry by securing an impressive $30 million in Series B funding. This funding round, led by Eight Roads with participation from existing investors like Bessemer Venture Partners, Episode 1, Dynamo Ventures, and new investor Moguntia Capital, marks a significant milestone in Raft's journey.
Established in 2017, Raft has been committed to revolutioniisng the freight forwarding sector through the integration of cutting-edge AI technology into its operations. This recent injection of funds is earmarked for further research and development endeavors, aimed at enhancing the existing suite of AI-powered products and paving the way for future innovations.
With a growing clientele that includes prominent names such as EMO Trans, OIA Global, The Scarbrough Group, NNR Global Logistics, and Navia Freight, Raft has solidified its position as a key player in the logistics landscape. The company's automation services span the entire freight journey, offering solutions that streamline processes, boost efficiency, and ultimately alleviate operational burdens for its customers.
James Coombes, CEO and Co-Founder of Raft, underscores the company's commitment to leveraging technology to empower freight forwarders and customs brokers. He emphasises the significance of relieving operational teams from mundane tasks, allowing them to redirect their focus towards delivering exceptional customer experiences.
Raft's strategic approach focuses on addressing critical pain points within the industry, particularly in the aftermath of the COVID-19 pandemic. As rates and volumes fluctuate, and operational costs escalate, the need for sustainable solutions has become more pressing than ever. Through AI-driven tools, Raft aims to mitigate these challenges by introducing automation across various aspects of logistics operations, from accounts payable reconciliation to customs entry preparation.
Coombes highlights the transformative potential of AI, emphasising its role in digitising traditional processes, enhancing efficiency, and fostering collaboration. By harnessing the power of AI, Raft endeavours to usher in a new era of digitalisation in logistics, offering integrated solutions that cater to the evolving needs of its customers.
In addition to advancing its core automation products, Raft is also committed to facilitating data collaboration across the ecosystem. By enhancing visibility and transparency through mission-critical data, including emissions and visibility data, the company aims to drive informed decision-making and optimise resource allocation.
The recent unveiling of Raft's digital shipment portal underscores its commitment to enhancing customer experience. This innovative platform enables seamless data sharing and provides customers with valuable insights, empowering them to make informed decisions and streamline their operations.
Looking ahead, Raft remains poised for growth and expansion, fuelled by its recent funding success and unwavering commitment to innovation. With a dedicated team spanning offices in London, India, and the US, the company is well-positioned to capitalise on emerging opportunities and drive positive change within the logistics industry.
In conclusion, Raft's recent Series B funding round signifies a significant milestone in its journey towards transforming the logistics landscape. Armed with innovative AI-powered solutions and a steadfast commitment to customer satisfaction, Raft is poised to redefine the future of freight forwarding.