Amazon's Jeff Bezos invests in United Kingdom digital freight forwarder Beacon

02 Juin, 2020, 17:08 | Auteur: Auguste Feret
  • Seattle retailer Amazon boss Bezos invests in UK digital freight forwarder Beacon

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

Amazon.com Inc Chief Govt Jeff Bezos has picked British startup Beacon, a digital freight forwarder, for his newest funding.

The Amazon boss wasn't the only one to invest in in the British company as Uber founder Travis Kalanick and former Google CEO Eric Schmidt have also made a decision to invest.

The company stated that its goal is to disrupt the trillion-dollar freight forwarder market by vastly improving the experience for importers and exporters with a more transparent and smarter shipping product.

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By incorporating financing options with 1) real-time data 2) a "marketplace" of prices and shipping costs and 3) an algorithm that calculates the best routes, Beacon hopes to become an attractive alternative to freight forwarding incumbents like DHL. Executive, Fraser Robinson, and ex-head of software engineering at Amazon's package and freight transport technologies, Pierre Martin is already backed up by strong investors like Uber and Amazon itself, and Google.

Beacon noted that freight forwarding and supply chain finance industries are worth an estimated $1trn and $12trn a year. "Like all areas of business automation, the current best practices are challenged and will be replaced by new best practices that take care of the new infinite computing capabilities of the internet, big data, cheap computer and most important AI".

Bezos owns a 12% stake in Amazon, which is in regular competition with tech giants such as Apple Inc. and Microsoft Corp. for the title of the world's most valuable public company.

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