London-based smart logistics startup 7bridges has raised £12.5 million in a funding round led by venture capital fund Eight Roads. Existing investors Local Global and Crane provided further funds in the Series A round, along with additional investment from Maersk Growth.
The startup said it will use the extra capital to grow its commercial team and to secure more customers for its proprietary technology.
Founded in 2016 by Philip Ashton and Matei Beremski, 7bridges’ platform pulls a company’s logistics data into one place and then uses artificial intelligence (AI) to automate and optimise supply chain processes. For example, its software can find the optimal dispatch site, route and carrier for an order and automatically creates and labels associated paperwork.
The startup says its platform can integrate with a company’s supply chains in two weeks and provides a return on investment in just four weeks. The technology is used by companies in sectors spanning retail, manufacturing and pharmaceutical.
7bridges will be looking to capitalise on two years of supply chain problems exacerbated by the Covid-19 pandemic causing shortages in products ranging from semiconductors to food.
“By harnessing our artificial intelligence to make coherent rapid and adaptive decisions across channels, product categories, geographies and service providers we’re able to transform multiple elements of the supply chain, from planning to execution, inbound and outbound logistics, inventory optimisation to customer experience,” said Philip Ashton, CEO and co-founder of 7bridges.
In 2020 the company raised $3.4m in a seed funding round, bringing the total funds raised by 7bridges to $20.4m.
“Almost every shipper is facing significant supply chain challenges from rising costs and a changing regulatory environment, and lack the tools and know-how to navigate them,” said Davor Hebel, managing partner and head of Eight Roads in Europe. “7bridges is creating a new category of value optimisation software for logistics which has historically only been a service available to the largest shippers from consultants.”
