Amazon Boss Bezos Invests In London Based Start-up

Daniel Fowler
June 4, 2020

British logistics startup Beacon has raised US$15mln (£12.2mln) in new funding, including from Inc (NASDAQ:AMZN) chief executive Jeff Bezos.

The biggest investor in the company was USA venture capital firm 8VC who valued the company at almost $60 million.

The names will join existing investors including the former boss of Google, Eric Schmidt, as well as Travis Kalanick, Uber's ex-chief executive.

It was created to target what is known as the freight forwarding industry, the booking agents that act as a go-between between exporters and importers.

Founded in 2018 and based in London, Beacon was formed by an ex Uber Technologies Inc. Those who are operating in the field have been slow to digitise.

Amazon's Bezos has invested in numerous startups over the years, with this move possibly looking to boost his firm's logistic services, which now include global ocean, air and truck freight, and which is on a mission to be a global leader in logistics and trade finance.

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Beacon uses a variety of technologies to enable this, including artificial intelligence, search optimization, data science, cloud, and automation.

Beacon's supply chain finance offering sets it apart from traditional freight forwarders by helping to solve one of the biggest challenges faced by importers today - cash flow.

Beacon also acts as a supply chain finance provider that offers real-time data of cargo deliveries, along with a marketplace view of global shipping costs.

Our goal is to disrupt the trillion-dollar freight forwarding market by vastly improving the experience for importers and exporters with a more transparent and smarter shipping product.

Beacon, whose logistic companies embody world ocean, air and truck freight, mentioned the funds raised might be invested in new hires, expertise and market growth.

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