Series B11 July 2023

Raft secures £23.5m Series B funding led by Eight Roads to advance its logistics automation platform.

Eight Roads led the Series B financing round with backing from Bessemer Venture Partners, Episode 1, Dynamo Ventures, and Moguntia Capital.

£23.5MSeries B

Raft provides an intelligent logistics platform that applies artificial intelligence to automate daily tasks and workflows for freight forwarders and customs brokers. The company helps the global supply chain industry manage shipments, customs entries, and customer portals more efficiently.

London-based intelligent logistics platform Raft has secured £23.5m in Series B funding led by Eight Roads. The round included participation from returning backers Bessemer Venture Partners, Episode 1, and Dynamo Ventures, alongside Moguntia Capital. The fresh capital will be directed towards research and development, scaling product automation, and expanding market reach as the firm targets further growth in the freight sector.

Founded in 2017 as Vector AI, Raft provides automation software used by major logistics providers to handle over 300k monthly shipments. The company has grown its headcount to more than 95 employees across offices in the UK, India, and the United States, servicing a client base that includes a significant share of top global freight forwarders.

From the founder

"We founded Raft as an AI-first company because we saw an opportunity to empower freight forwarders and customs brokers with technology, and take pressure off their operational teams so that they could focus on their customers instead of their keyboards,"

James Coombes

CEO and Co-Founder at Raft