Announcing our first maritime investment: Flowfox
Global end-to-end container import automation and standardization for ocean carriers and their customers
We are thrilled to announce our investment in Flowfox, as part of its 7-figure Pre-A funding round. Its mission to automate and standardize the global container release process aligns with our commitment to enabling seamless mobility through technology.
During our due diligence we became big fans of the Flowfox team. We are impressed by their strong relationships with both the ocean carriers and the freight forwarders. This network can make all the difference in moving from the proof of concepts to a multi-year contract with an international roll-out plan with an ocean carrier.
The potential market is extremely large, inefficient and not very digitized and therefore predestined for disruption by a startup. Around 85% of the global market is covered by the 10 biggest ocean carriers. There is no global solution on the market to automate operational processes between ocean carriers and their customers and operational processes are still done manually via email.
The network effect is a key enabler to become a global industry standard. Freight forwarders that are already onboarded on the Flowfox platform are actively requesting the ocean carriers to integrate with Flowfox, as they look to collectively save time and money. With the first ocean carriers under contract and realizing its advantages, the pressure on its competitors to also integrate with Flowfox will increase. In this way, Flowfox can scale quickly in an attractive market. Talk about a blue ocean strategy!