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Copenhagan-based logistics startup Portchain today confirmed it has raised $5 million in a new investment round. The startup plans to use the capital to accelerate its recruitment efforts, further develop its product, and build and improve its existing services.
The investment was provided by Angular Ventures and brings the company’s total funding to date to $10 million, which already includes MX Ventures and several shipping company executives acting as angel investors.
Founded in 2017, Portchain has one-fifth of the world’s container terminal capacity in its network, and Portchain’s client roster includes approximately 100 terminals. Leading container shipping company Hapag-Lloyd has signed a five-year agreement to roll out the startup’s flagship product, PortChain Connect, across its network.
Portchain CEO Niels Kristiansen said:
“Billions of dollars are wasted and millions of tonnes of carbon are emitted every year when container ships are forced to wait outside ports due to poor communication about schedule changes.
“Port Chain provides airlines, terminals and operational ground staff with accurate, real-time information so they can optimize schedules, reduce costs and minimize environmental impact.
“Angular Ventures’ investment in PortChain will help us accelerate product development and create value for our customers.”
Lead image via port chain.
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