BlueCargo, a Los Angeles and New York-based startup that provides a logistics SaaS platform that optimizes the entire container workflow from port to warehouse, raised $11 million in new funding.
The round was led by Soma Capital and Left Lane Capital, bringing the total amount raised to $15 million.
This funding will allow the company to expand its geographic footprint in North America, invest in its core technology-BlueCargo Connect™, and continue attracting top talent in the areas of product and engineering, industry experts, and business leaders.
"Pre-covid, companies didn't have an appreciation of the detailed costs of drayage. This has changed as companies are looking to streamline their operations and want to know the true cost of drayage. BlueCargo is the only platform that can help monitor, forecast and mitigate accessorial fees: demurrage, detention, and per diem. In 2022 alone, we saved one of our customers Forrest Logistics, a freight brokerage, more than $5 million in fees," explained Alexandra Griffon, CEO of BlueCargo.
To move cargo on schedule at the ports and reduce demurrage and per diem costs, BlueCargo connects any importer, logistics service provider, or drayage carrier on its platform.
BlueCargo offers container-level tracking, audit trail visibility, and documentation in a single window connected to all of North America's busiest container ports, eliminating the need to navigate multiple, dispersed sources of information.
Today BlueCargo is being used by 1,200 drayage trucking companies to schedule their daily container pick-ups and returns on its platform, making it the largest operational drayage carrier connected network in the United States.
Company: BlueCargo, Inc.
Raised: $11.0M
Round: Unknown
Funding Month: February 2023
Lead Investors: Soma Capital and Left Lane Capital
Additional Investors:
Company Website: https://www.bluecargo.io/
Software Category: Logistic Software
About the Company: Founded in 2018 by two female entrepreneurs, Alexandra Griffon, and Laura Theveniau, BlueCargo is the premier platform to monitor, forecast, and mitigate D&D charges at the port. They build software to help carriers, shippers, and logistics companies move equipment in and out of the port terminals faster. BlueCargo connects drayage trucking companies, logistics providers, and shippers to pick up and drop off cargo on time and decrease demurrage and per diem fees. Its mission is to help people move goods from port to first-mile destination faster, more reliably, and more cost-effectively.
Source: https://www.bluecargo.io/post/bluecargo-press-release