Globe Telecom Inc. said on Thursday its portfolio company Expedock has raised $17.5 million for the “modernization of its freight forwarding process and the reduction of inefficiencies.”
The company said the funding round for San Francisco-based Expedock, a portfolio company of Globe-led Kickstart Ventures, was led by Insight Partners.
Existing investors Neo and Pear, as well as executives from Salesforce, Meta, eBay, Clearmetal, and Project44, among others, also joined the funding round.
“Insight’s bread and butter is software companies driving transformative change in their industries, and that’s exactly what Expedock is doing in the international freight industry,” said Insight Partners Senior Associate Connor Guess said.
Expedock intends to use the amount to further develop its supply chain business, while driving automation to improve efficiencies and profitability as well as reducing labor costs.
“Expedock is reinventing how supply chain businesses are able to harness their own data. Given our 600 percent growth this past year, we are going to do even better by bringing on engineers to expand our use cases and our account executives to support more customers,” Expedock CEO King Alandy Dy said.
Based in San Francisco, California, Expedock utilizes artificial intelligence to digitize documents into data, providing freight forwarders digital tools that enable them to ensure on-time payments to vendors and bring visibility to margins.
“The global supply chain has been under crisis since the pandemic started, a situation felt globally, and further exacerbated by the current geopolitical conflict. Expedock helps alleviate the problem by transforming paper forms into usable digital data, reducing the risk of error, and improving performance across the supply chain ecosystem,” Kickstart President Minette Navarrete said. “Kickstart is thrilled to be an early investor in Expedock’s mission.”
Currently, Expedock works with several supply chain brands including Wayfair, ClearFreight, JUSDA, and Ascent, a subsidiary of Roadrunner Freight. It is supported by ZEBOX, CMA CGM’s technology accelerator, which helps cutting-edge technology roll out within the organization.