Business

Colombian logistics firm Liftit raises a $22.5 million Series B round to digitize the sector in Latin America

The company currently operates in Colombia, Chile, Mexico, Brazil, and Ecuador providing immediate cargo delivery

Photo: Liftit

Colombian logistics firm Liftit raised a new $22.5 million Series B round to expand operations in Latin America. Led by Cambridge Capital, the investment will help the company further develop its own technology to digitize logistics in these five markets: Colombia, Chile, Mexico, Brazil, and Ecuador.

Connecting providers of cargo transportation services with companies and individuals, Liftit was founded in 2017 by Colombians Brian York, Ángel Celis Botto, and Felipe Betancourt. “[Liftit] is solving a major problem for freight generators in Latin America, connecting transporters and transport capacity using localized technology to meet the unique needs of the region,” Ed Feitzinger told Forbes Colombia.

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Feitzinger is the former Vice President of Global Logistics at Amazon and has previously served as CEO of a global freight forwarder operating in 59 countries. Along with Ben Gordon y Matt Smalley, from Cambridge Capital, he now joins Liftit’s board of directors. “It offers a unique combination of technology and operational capacity to solve that problem,” he added.

By automating and optimizing delivery processes using artificial intelligence and machine learning, the Colombian firm is able to reduce operational costs for its clients. Through the platform, users can hire and execute any type of delivery, as well as track all the processes in real-time.

“Our experience as global business creators in the supply chain, and our unique perspective as operators, strategic advisers and investors focused exclusively on logistics, will allow us to help Liftit continue to build its moat in the logistics technology business and last-mile transportation in Latin America,” says Ben Gordon, managing partner of Cambridge Capital. “We believe that this is a fast-growing market that moves billions of dollars a year.” With 300 staff, Liftit is currently making 150,000 monthly deliveries and raising more than US$ 3 million per month.