BlueCargo, a company that optimizes logistics in port terminals, has raised $11 million in a new funding round led by Soma Capital and Left Lane Capital. Other investors include Cathexis Ventures, EXPA, SpringTime Ventures, HyperGuap, and Mike Roth.
The company aims to reduce late fees for drayage trucking companies and shippers through its software solution focused on dispatching, planning, and scheduling for truckers and shippers.
The startup began by optimizing container storage in port terminal companies, but it has since pivoted its focus to providing a scheduling and dispatching platform for all ports. This change in strategy came about because logistics had become a significant pain point due to COVID restrictions that affected different parts of the world, causing bottlenecks and high late fees.
BlueCargo aggregates data on a single platform to keep late fees under control by tracking shipments and following the statuses of various containers, gate schedules, and appointments to pick up and drop off containers. It also tracks demurrage, detention, and per diem fees across several ports to avoid discrepancies in invoicing. This platform aims to replace Excel spreadsheets and create supporting documentation to dispute late fees.
BlueCargo is not interested in replacing truck management systems (TMS) but rather in adding an interface between ports and trucking companies. In the future, the company plans to bring shipping companies to the platform to flag containers that should be picked up first and see the overall status of their containers. The startup also plans to expand to other transportation methods, such as rail freight transport.
The company’s platform has already proven to be successful in the logistics industry. Forrest Logistics saved over $5 million in fees by using BlueCargo, and the startup aims to continue expanding its capabilities to optimize logistics in the industry.