Fero Secures $1.1 Million in Funding
Fero, a cloud-based RPA and ERP-products company that has created TiA, the world’s first Intelligent Virtual Assistant for Supply Chain, has announced the successful closure of $1.1 million in fundraising from a boutique institutional investor and various prominent angel investors.
Fero provides an ecosystem of Transport ERPs and TiA - Transport Interactive Assistant, a software to free logistics employees from mundane tasks. TiA listens, understands, talks, & messages over various messaging platforms, just like Alexa built for Logistics enterprises.
“The raise is a great validation of the current success and future potential of Fero products and the team,” says Carolin-Carmen Neubauer, Co-Founder and COO of Fero.
Fero, part of the Microsoft Growth X programme and its novel B2B innovation, is already being adopted and in use by marquee clients such as DSV, Gulftainer and Emirates Logistics with customers in GCC, India and the UK.
Fero helps operations employees to automate everyday tasks such booking loads, collecting shipment documents and checking on the status of drivers and be left with only having to manage exceptions.
“Imagine the scale of orders and new customers you can suddenly handle with a skeleton of a team with zero errors!” Carolin-Carmen remarks adding “the Fero customer acquisition growth figures of above 20% month-on-month speak for themselves.“
The Fero's ecosystem includes SaaS for First, Last and Mid-Mile Transport Management, Delivery Management and the unique SaaS product of a “Plug-and-Play Uberization" for Road-Freight, called FAST (Freight Aggregation Software for Trucking).
All of them come with TiA that can work with any other Freight ERP in the market.
By applying TiA, to their existing Freight ERPs, Fero have helped clients from sectors including distribution, retail and logistics, automate over 2,000,000 interactions.
Carolin-Carmen comments: “Visibility and communication between internal and external parties are critical albeit very difficult as shippers, transporters and freight forwarders use various transport management and delivery management systems.
"Everyone is tired of new apps so we rely on existing communication tools such as WhatsApp, plus we know that in a fragmented market such as the road freight market where e.g. the top six carriers hold less than 5% market share of a 105 bn EUR market, there will never be unity in the systems in use.”
With its new infusion of capital, the company looks to add tech engineers to its team to continue growing its product capabilities, increase its presence in Europe and further work on additional integrations with Freight ERPs.
Fero’s Series A is targeted for starting in Q4 2021 / Q1 2022.