Thursday, Jul 9, 2020
International Finance
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Amazon founder Jeff Bezos invests in UK logistics Beacon

Jeff Bezos Beacon
The startup raised around $15 mn in its Series A funding round

Amazon founder and world’s richest man Jeff Bezos has invested in UK-based logistics startup Beacon, the media reported.

The startup raised around $15 million in its Series A funding round. Besides Jeff Bezos, other participants in the funding round for Beacon include leading US venture capital firm 8VC.

Beacon, which is a freight forwarding and supply chain finance company, uses best-in-class AI, search, optimisation, data science, cloud and automation technologies to unlock significant operational efficiencies.

Reportedly, Beacon will use the money raised in this Series A round to expand its workforce, invest in technology, and market expansion.

With regard to the funding from Jeff Bezos, Beacon co-founder and CEO Fraser Robinson told the media,  “Beacon has attracted investment from some of the best minds in business and technology. The traditional freight forwarder model remains surprisingly analogue, using systems and processes that are slow and inefficient, with opaque pricing and limited use of technology.

Our goal is to disrupt the trillion-dollar freight forwarding market by vastly improving the experience for importers and exporters with a more transparent and smarter shipping product. We also believe that our ability to offer supply chain finance can be transformative for our customers by allowing them to better control and manage their cash flow. We have built a team with deep expertise in technology, logistics and finance in a short period of time – these new funds will enable us to continue to strengthen that team and invest in our technology, while also increasing our international presence.”

Beacon was established in 2018 by  Fraser Robinson and COO Dmitri Izmailov, both former Uber executives.

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