Bezos among investors in UK freight startup Beacon

“Beacon has attracted investment from some of the best minds in business and technology. The traditional freight forwarder model remains surprisingly analog, using systems and processes that are slow and inefficient, with opaque pricing and limited use of technology,” said Robinson in a statement. “Our 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.”

Robinson pointed to Beacon’s ability to offer supply chain finance that can be transformative to its customers, as it provides them better control over their cash flow. Importers are stuck in a liquidity crisis as their suppliers often demand payment before goods are dispatched. Add to this the fact that importers have to wait several weeks at a stretch to receive the goods, making the situation even harder. To address this disconnect, Beacon offers qualifying customers financing within 72 hours and also provides them shipping discounts.

The newly raised funding will be used to build on the expertise the team has in the technology, logistics and finance segments, while also helping expand the company’s geographic footprint. 

“With digitalization accelerating globally as a result of COVID-19, we believe the future of the traditional freight forwarder is more precarious than ever. Shippers are seeking technology-led products and services that will meet their needs more effectively, enhance their experience and cut their costs. We look forward to meeting that demand,” said Robinson.