viewAmazon.com, Inc.

Jeff Bezos invests in British logistics startup Beacon

The company is looking to disrupt the freight-forwarding market

Amazon.com, Inc. -

British logistics startup Beacon has raised US$15mln (£12.2mln) in new funding, including from Amazon.com Inc (NASDAQ:AMZN) chief executive Jeff Bezos.

The freight-forwarding company said it had completed a Series A fundraising from investors including Bezos and venture capital firm 8VC.

Founded in 2018 by two former Uber Technologies Inc (NYSE:UBER) executives, the startup has previously raised funds from Uber founders Travis Kalanick and Garrett Camp, along with ex Google CEO Eric Schmidt.

“With digitalisation accelerating globally as a result of COVID-19, we believe the future of the traditional freight forwarder is more precarious than ever,” Beacon boss Fraser Robinson said in a statement.

Beacon, which offers logistics services including ocean, air and truck freight, believe they can improve the service provided by traditional logistics companies and offer a revolving credit facility to alleviate the cash crunch for customers who must pay suppliers months before they receive the goods and can sell them on.

The company, now worth around US$60m following the latest investment, said it will use the new cash to invested in staff, technology and market expansion.

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