Vector secures $15m Series A funding led by Bessemer Venture Partners to scale international expansion
The Series A round was led by Bessemer Venture Partners with participation from Dynamo Ventures and Episode 1.
Vector builds machine learning software to automate administrative tasks and workflows for international freight forwarders. The platform helps operations teams eliminate manual information gathering and focus on client relationships.
Vector has secured $15m in Series A funding to accelerate its international expansion and meet growing demand for its freight forwarding automation platform. Bessemer Venture Partners led the round, with participation from existing backers Dynamo Ventures and Episode 1.
Founded in 2017, the company uses machine learning to handle cumbersome administrative processes such as accounts payable and customs declarations. The fresh capital will support the business as it builds on its footprint across Europe, Asia, Australasia, South Africa and the US.
The investment arrives amid a backdrop of global supply chain disruptions and staffing pressures within logistics. Vector has seen significant commercial momentum, signing up customers across 20 countries during the year.
From the founder
"Most employees within freight forwarders spend the majority of their time communicating with the 10-25 different entities that might be associated with a given shipment and coordinating freight movement and documentation. Communication usually runs through email and attachments, so freight forwarders spend countless hours sorting through documents and manually copying data into a Transportation Management System (TMS), their core system of record. But they’re spending far too much time gathering data rather than analysing it, and they’re using outdated tools which are no longer fit for the complexity of today’s operational and logistical demands."
James Coombes
Co-Founder and CEO at Vector
Investor perspective
"Vector.ai is one of the early leaders in an emerging category of freight forwarding workflow automation and digitisation tools. It has built an intuitive and industry-focused product – which is already winning over some of the largest freight forwarders – and a team that can deliver outstanding execution. We look forward to helping them continue their mission to transform this operations-intensive industry."
Mike Droesch
Partner, Bessemer Venture Partners
Use of funds
- 01Expand into international markets
