Inven Capital leads $50m round for Forto

Iris Capital also joined the round as a new investor, while existing investors including Denmark-based shipping company Maersk Growth, Northzone, Cherry Ventures and H14 also participated.

Unquote sister publication Mergermarket reported in August 2020 that Forto was seeking acquisitions following threefold revenue growth in 2020, largely due to the increasing emphasis on digital supply chain tools as a result of the coronavirus pandemic.

Previous funding
Northzone led a $20m series-A round for Forto in December 2017. Global Founders Capital, Cherry Ventures, Cavalry Ventures and La Famiglia also participated.

In May 2019, Rider Global led a $30m in series-B round for the company. The round also saw participation from Maersk, Northzone, Unbound, Global Founders and Cherry Ventures.

The European Investment Bank provided €20m in debt financing for Forto in June 2020.

Company
Forto is a logistics and supply chain management platform. The company claims that its software can reduce administrative work by 30% and reduce overall logistics costs by 15%, as well as improving on-time performance by 15%. Forto also offers insurance, trade financing and customs clearance services. The company was founded in 2016 and was previously known as Freighthub. It has 2,500 customers and employs 300 people.

People
Forto – Michael Wax (co-founder, CEO).
Inven Capital – Petr Mikovec (CEO).
Northzone – Michiel Kotting (partner)

Advisers
Inven Capital – Weil Gotshal & Manges (legal).
Forto – BMH Bräutigam (legal).

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• Topics
• Expansion
• DACH
• Industrials
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• Germany
• Northzone
• Iris Capital