Gold Coast-based logistics software company CartonCloud has secured a $12 million investment from MA Financial to expand its operations to Canada and the United States and fast-track its product development.
The funding will enable CartonCloud to develop transportation management systems (TMS) and warehouse management systems (WMS) software that allows SME companies to compete with industry players through streamlined operations, automated data entry, and flexible features.
“We’re looking forward to increasing our research and development, expanding the team and having the ability to roll out new features and product updates sooner,” said Vincent Fletcher, Founder of CartonCloud.
“The raise also enables us to capitalise on the significant interest we have received from prospective customers in the United States and Canada and seize new opportunities,” Fletcher said.
On its expansion to North America, he said entering the massive US logistics industry opens up extraordinary opportunities for CartonCloud to secure new customers, build new industry partnerships and continue to improve our product for all of our global customers.
Thomas Petrakos from Platform Advisory Partners, who provided support and advice throughout the last capital raise ($2 million in 2017) and this one, praised Fletcher’s keen business sense and fortitude, saying he was a great founder with an incredible opportunity in front of him.
“Vincent had great domain experience, tech development skills and the hustle to fly coast to coast and land his first 70 logistics customers,” Petrakos said.
CartonCloud is based in Queensland and is used by over 200 carriers and warehouses across Australia, New Zealand and South East Asia.
Last year, the company invoiced over $1 billion worth of freight.
Will Botha, investment director at MA Financial’s Growth Capital team, said CartonCloud was an excellent example of a mission-critical software solution.
“CartonCloud is 100 per cent focused on customer value,” Botha said.
“We are pleased to support the next phase of their growth,” he said.
Source: CartonCloud