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Gold Coast-based logistics software company CartonCloud has raised $12 million from MA Financial to fund its expansion into North America and accelerate product development.
The funds will allow the Software-as-a-Service (SaaS) provider, which allows warehouse and transport businesses to automate processes typically done using paper-based systems, to increase the size of its software development team and support the establishment of a local presence in the US and Canada.
CartonCloud founder and CEO Vincent Fletcher said the investment represents a significant milestone for the ten-year-old company, which he founded while he was operating a refrigerator transport business in Sydney’s western suburbs.
“We now have the ability to significantly increase our headcount, fast-track development to roll out new features and expand to North America,” Fletcher said.
“Entering the massive US logistics industry and building a team there 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.”
Since its $1 million capital raise in 2017, the company has grown by 45 per cent year-on-year and now services more than 350 customers across Australia and New Zealand.
The raise from five years ago was also supplemented with a $1 million grant through the Queensland Business Development Fund.
Platform Advisory Partners guided Fletcher during CartonCloud's funding round in 2017 as well as its most recent raise - which closed on 24 December 2021 - and recommended the CEO take a non-traditional path via close personal contacts who had the investment appetite and expertise to assist with the scale-up of the company.
“Vincent had great domain experience, tech development skills and the hustle to fly coast to coast and land his first 70 logistics customers,” Platform Advisory Partners founder Thomas Petrakos said.
“We thought, let’s back him ourselves.”
Based in Burleigh Heads, CartonCloud employs more than 40 people, majority being software developers with logistics industry experience.
In 2021, more than $1 billion worth of freight was invoiced through the platform.
“CartonCloud is 100 percent focused on customer value,” investment director at MA Financial Growth Capital Will Botha said.
“We are pleased to support the next phase of their growth.”
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