Forto raises $240M in funding round led by Softbank, taking its valuation to $1.2Bn – TechCrunch

Freight technology startup, FortoRecently picked up when raising $ 50 million The end of last year, Raising stakes.

Currently, it has raised $ 240 million in a round led by SoftBank Vision Fund 2 to expand trade shipments between China and Europe. Forto manages shipping containers from origin to destination. Softbank is also hedging its bet after investing in China’s Full Track Alliance (YMM.N), which plans a $ 20 billion IPO.

So, after raising a total of $ 360 million, Forto’s valuation is close to $ 1.2 billion. New investors Citi Ventures and G Squared also participated in the round. Existing investors such as North Zone, Cherry Ventures and Unbound also participated, Fort said.

The number of German logistics startups is skyrocketing. Truck Specialist Sennder, Digital Road Freight Forwarder, Raised Series D funding earlier this year for $ 160 million.

According to Forto, it has 2,500 clients, including Home 24 and the German supermarket chain Edeka, shipping up to 10,000 containers annually by sea, rail and air.