Conlio raises €6.4M to automate freight document checks
Conlio's €6.4 million round, led by Piton Capital, targets the manual check European forwarders run on every load before carriers get paid and customers get billed
Berlin-based Conlio announced a €6.4 million ($7.1 million) funding round on Tuesday for software that verifies road freight documents before forwarders pay carriers and invoice customers. Piton Capital led the round.
Conlio calls that check one of logistics’ most manual processes and says it slows payments and ties up working capital for forwarders and the carriers they hire. The round comes as weakness in European freight markets led Trimble this week to lower its full-year growth forecast.
Haufe Group Ventures joined the round, along with WaVe-X, WALTER GROUP’s venture arm, and F-LOG Ventures, FIEGE’s venture fund. Existing investors System.One, Puzzle Ventures, Booom Ventures, and Yellow also took part. Conlio works with midsize and enterprise road freight forwarders in Germany, the U.K., Spain, and Denmark.
Founder and CEO Claudio Consul said context is what has made the check hard to automate.
This story was originally published by FreightWaves. Read the full story at FreightWaves →
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