Maersk Growth, the strategic investment arm of shipping firm AP Moller-Maersk, co-led a $10.5m series A round today for Baton, a US-based developer of logistics management technology.
The round was co-led by venture capital firm 8VC and included Prologis Ventures and RyderVentures – on behalf of warehouse operator Prologis and logistics firm Ryder System – as well as warehouse operator Lineage Logistics and various angel investors.
Baton is building a system that involves a series of drop zones where truckers can unload cargo which is then carried to different warehouses by a network of last-mile fleets in order to save time.
Jeppe Hoier, partner at Maersk Growth, said: “We are proud about investing in the Baton Team. Baton is a great addition to our Maersk Growth portfolio supporting our mission to democratise the supply chain.
“The Baton solution addresses major inefficiencies in haulage dwell and detention to the benefit of all players in the ecosystem. We look forward to partnering with them on their exciting drop and hook technology and facilitating more sustainable last mile services.”
The latest round came in the wake of a $3.3m seed round in November 2019 that was also led by 8VC and backed by Prologis and VC firm SVAngel.
