A London-based technology startup, Beacon, has raised over $15 million (£12.2 milllion) in funding and received Jeff Bezos’ seal of approval.
The Amazon founder and CEO participated in Beacon’s Series A funding round alongside US venture capital firm, 8VC.
Founded in 2018 by former Uber executives, Fraser Robinson and Dmitri Izmailov, Beacon is a digital freight-forwarding and supply chain finance company.
The firm provides organisations with real-time insights into freight cargo deliveries, with its logistics services spanning global ocean, air and truck freight.
Pierre Martin, Chief Technology Officer at Beacon previously worked as Head of Engineering at Amazon Logistics, where he helped develop technology to deliver containers of freight globally.
Receiving the backing of the world’s richest man is a significant moment for the startup. Bezos, who is believed to be worth around £116 billion, has previously invested in companies such as Airbnb.
He now joins a host of prominent tech sector names as a backer of the London firm. Its initial seed round saw Uber founder Travis Kalanick and Garrett Camp back the firm along with former Google CEO Eric Schmidt.
“Beacon has attracted investment from some of the best minds in business and technology. The traditional freight forwarder model remains surprisingly analogue, using systems and processes that are slow and inefficient, with opaque pricing and limited use of technology,” said Fraser Robinson, co-founder and CEO.
“With digitalisation accelerating globally as a result of Covid-19, we believe the future of the traditional freight forwarder is more precarious than ever,” he added.
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Moving forward, the investment will enable Beacon to invest in new hires, technology and target market expansion.
“We have built a team with deep expertise in technology, logistics and finance in a short period of time – these new funds will enable us to continue to strengthen that team and invest in our technology, while also increasing our international presence,” Robinson added.