US-based digital freight service price aggregator iContainers raised $6.7m yesterday in a round including Kibo Ventures, a member of telecoms firm Telefónica’s Amerigo investment network.
Kibo Ventures, also backed by insurance company Mutua Madrileña, joined lead investor Serena Capital in the round, and fellow existing investor Vitamina K.
Serena Capital partner Anne-Valèrie Bach will take a seat on iContainers’ board.
The round, which brings iContainers’ total funding to $9m, will be used to speed up product development, increase awareness of the company’s services internationally and expand its global reach.
iContainers was launched in 2007 with the intention of streamlining freight logistics while improving transparency.
The company says it has helped 5,000 customers ship across trade routes to 1,200 global destinations and claims 100% year-on-year growth.
Kibo Ventures and Vitamina K invested $1.5m in iContainers last year, which built on roughly €700,000 ($795,000) funding from logistics service provider Grupo Romeu, Octapris Investments and Compass Private Equity.
Carlos Hernández, co-founder of iContainers, said: “The fact that the shipping industry is reliant on outdated modes like pen and paper means there is a critical need for change.
“We have created a platform that streamlines and brings transparency to the process, empowering businesses to manage their logistics needs from beginning to end.”