Logistics software company CartonCloud has received a $12 million investment to help its expansion into the US and accelerate its product roadmap.
This strategic investment from ASX-listed MA Financial will also help further develop their integrated transport and warehouse management system software.
The Gold Coast based company has seen rapid growth and industry popularity over recent years due to the continual development of its software that enables SME businesses to optimise and expand their operations.
CartonCloud allows SMEs to enhance their operations across B2B and B2C, with better integrations, flexible and efficient workflows, enhanced recipient experience (for last mile providers) and automated data entry.
Vincent Fletcher, CartonCloud CEO and founder said the sizeable MA Financial investment represented a significant milestone for the company.
He said, “CartonCloud now has a strong foundation in place to pursue the next stage of growth. We will be expanding our product development team here at home while also getting boots on the ground in North America."
“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."
“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, so we can keep our customers ahead of the game,” he added.
CartonCloud has experienced consistent year-on-year growth of 45 percent and their team has grown to over 40 people. The company now has more than 350 customers predominately across Australia and New Zealand, and have already onboarded their first customer based in Canada.
Fletcher said, “CartonCloud would continue to focus on being a unified warehouse management and transport management system with flexible and scalable options, which separated the platform from its competitors.”
According to Fletcher, more than 350 logistics businesses currently use CartonCloud.
The MA Financial investment follows a $1 million capital raise through High-Net-Worth individuals in 2017, which supplemented a $1 million grant through the Queensland Business Development Fund.