Northbound, a Berlin, Germany-based supply chain SaaS startup focused on optimizing the flow of goods within the container supply chain, has closed €1.3 million in pre-seed funding.
Investors
The round was led by Apex Black, with participation from id4 ventures, IBB Ventures, Schenker Ventures, MVP Factory, and several prominent business angels.
Apex Black is a venture capital firm based in London, England. The firm backs founders with capital, connections, and expertise.
Northbound Use of Funds
The company will use the funding to enhance its software-as-a-service (SaaS) platform, expand its AI capabilities, grow the team with key hires in go-to-market and software engineering, and acquire additional customers.
About Northbound
Founded by Andreas Canel and Rahul Yadav, Northbound provides a SaaS platform aimed at optimizing operational control within the container supply chain. The platform helps streamline the flow of goods from ports to warehouses by addressing key issues such as penalty fees (demurrage and detention, "D&D"), capacities, and delivery commitments. Northbound's solution is designed to protect companies from inefficiencies and errors that can lead to significant financial losses, such as multi-million-euro D&D charges and delayed deliveries.
Funding Details
Company: Northbound
Raised: €1.3M
Round: Pre-Seed Round
Funding Month: July 2024
Lead Investors: Apex Black
Additional Investors: id4 ventures, IBB Ventures, Schenker Ventures, MVP Factory
Company Website: https://www.getnorthbound.ai/
Software Category: Supply Chain Management
Source: https://www.logisticsbusiness.com/it-in-logistics/telematics-tms/pre-seed-funding-for-berlin-supply-chain-saas-firm/