forto raises $240m in funding round led by softbank, taking its valuation to $1.2b

Forto Secures $240 Million to Enhance China-Europe Trade Shipments

Forto, a freight technology company previously highlighted following its $50 million funding round late last year, is significantly increasing its investment.

The company has successfully secured $240 million in a funding round spearheaded by SoftBank Vision Fund 2. This capital injection is specifically intended to facilitate the expansion of trade shipments occurring between China and Europe.

Expanding Global Reach and Valuation

Forto specializes in the comprehensive management of shipping containers, overseeing their movement from the point of origin to their final destination. This investment from SoftBank represents a strategic move, building upon their earlier investment in China’s Full Truck Alliance (YMM.N), which is preparing for a $20 billion IPO.

As a result of this funding, Forto’s valuation now approaches $1.2 billion, bringing the total amount raised by the company to $360 million.

The round also saw participation from new investors, including Citi Ventures and G Squared. Existing investors, such as Northzone, Cherry Ventures, and Unbound, also contributed to this latest funding effort, according to Forto.

Growth in the German Logistics Sector

The German startup landscape for logistics companies is experiencing substantial growth. Sennder, a digital road freight forwarder, recently secured $160 million in Series D funding earlier in the year.

Forto’s Client Base and Shipping Capacity

Forto currently serves a client base of 2,500, which includes prominent companies like Home 24 and the German supermarket chain Edeka.

The company manages the shipment of up to 10,000 containers annually, utilizing a combination of sea, rail, and air transport methods.