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HomeFunding Copenhagen-based Logistics Startup Portchain Secures $5Million in Funding

[Funding alert] Copenhagen-based Logistics Startup Portchain Secures $5Million in Funding

Copenhagen-based logistics startup Portchain secures $5million in funding. The business plans to utilize the money to expand and enhance current services, launch a recruitment campaign, and continue developing new products.

Copenhagen-based logistics startup Portchain secures $5million in funding. The business plans to utilize the money to expand and enhance current services, launch a recruitment campaign, and continue developing new products.

Read also – Copenhagen-based Pluto.markets Secures €2.4 Million in Funding

With the investment from Angular Ventures, the company has now raised $10 million in total, including angel investments from MX Ventures and a number of shipping professionals. Established in 2017, Portchain boasts a clientele of over 100 terminals and possesses a fifth of the global container terminal capacity inside its network.

Read also – Stockholm-based MANTLE Raises over €2.8 Million in Funding

Hapag-Lloyd, a significant container carrier, has inked a five-year contract to implement Portchain Connect, the startup’s flagship product, throughout its network.

Portchain CEO, Niels Kristiansen, shared: “Billions of dollars are wasted and millions of tonnes of carbon dioxide are emitted each year when container vessels are forced to wait outside ports following poor communication around schedule changes. Portchain gives carriers, terminals and operational ground staff accurate real-time information so schedules can be optimised, costs reduced and environmental impact minimised. Angular Ventures’ investment in Portchain will help us accelerate our product development and create value for our customers.”

About Portchain

There are several planning problems so difficult that it would take many lifetimes to consider every potential solution. Three McKinsey project managers started Portchain because they thought that significant advancements in processing power and algorithms might be used to assist terminal and carrier planners in finding the best answers to the most challenging issues and boost the bottom lines of top shipping businesses.

Read also – Vilnius-based Axiology Secures €2 Million in Funding

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