Germany-based air freight booking portal Cargo.one has closed an $18.6m series A round featuring Next47, a corporate venturing vehicle for industrial equipment and appliance producer Siemens, TechCrunch reported on Monday.
Venture capital firm Index Ventures led the round and was joined by Lufthansa Cargo, the freight unit of airline group Lufthansa, as well as Creandum, Point Nine Capital and assorted angel investors.
Cargo.one runs an on-demand booking platform for freight deliveries via 12 international airlines. It claims orders are on the rise as airlines offer competitive cargo rates to replace lost passenger revenues during Covid-19.
The capital will help add more airlines to Cargo.one’s booking platform and roughly treble its headcount to 70 by the end of 2020.
Lufthansa Cargo, Creandum and Point Nine Capital had all backed a $3.2m round for Cargo.one in late 2018, according to Air Cargo News.