Estonian logistics technology firm MyDello has successfully secured $3.6 million in a new funding round to fuel its international growth and enhance its artificial intelligence capabilities. The investment was led by Icelandic venture capital firm Frumtak Ventures, with continued support from returning investor Superhero Capital. This strategic capital infusion will enable the company to expand its digital freight forwarding platform into new markets, beginning with the United Kingdom.
Modernizing a Traditional Industry
The global freight sector, a cornerstone of the world economy, has long been characterized by its reliance on manual processes, fragmented communication, and paper-based documentation. This traditional approach often results in significant inefficiencies, limited shipment visibility, and operational delays for businesses. MyDello was founded in 2021 by seasoned logistics professionals to directly address these systemic challenges by digitizing the entire freight forwarding process.
An Integrated Digital Freight Platform
MyDello offers a comprehensive B2B platform designed for manufacturing, wholesale, and e-commerce clients seeking to streamline their supply chains. By entering shipment details, users can receive instant door-to-door quotes and compare routing options across air, sea, rail, and road transport. The system leverages agreements with over 400 global carriers, including industry leaders like Maersk, DHL, and Lufthansa, to provide a wide array of competitive options.
The platform distinguishes itself by managing the complexities of long-distance international freight, particularly on trade lanes connecting Europe, Asia, and the Americas. Once a shipment is booked, customers benefit from real-time tracking, automated updates, and an AI-powered delivery countdown. This integrated system handles everything from initial quoting and booking to customs documentation, providing a seamless user experience for businesses.
Strategic Expansion and AI Integration
The newly acquired funds are earmarked for a two-pronged growth strategy focused on geographic expansion and technological advancement. MyDello is set to launch its platform for UK customers in December, marking its first major step in a broader European expansion plan. The company aims to establish a presence in every European country by 2027, solidifying its position in the market.
In parallel, the investment will accelerate the deeper integration of artificial intelligence across the company's systems. MyDello has set an ambitious goal to automate the majority of its shipment operations by the end of 2026. This focus on AI is intended to further reduce manual intervention, increase operational efficiency, and enhance the overall reliability of its service for a global clientele.
Proven Growth and Future Outlook
Since its inception, MyDello has demonstrated significant market traction, having already facilitated thousands of shipments for a diverse customer base. The platform currently serves 12,500 businesses across 110 countries, with active operations in 12 European nations and China. This rapid growth underscores the strong demand for a more efficient and transparent logistics solution in the global market.
Magnus Timm, co-founder and CEO of MyDello, expressed that the company was founded on the belief that the industry could operate more effectively. He noted that the team's deep logistics experience has been pivotal in building a robust customer base and securing key partnerships. This new support from investors is seen as a crucial step in continuing the company's mission to innovate.
With this fresh capital, MyDello is well-positioned to accelerate its mission of transforming the international freight industry through technology. The company's strategic focus on expanding its geographic footprint and advancing its AI-driven automation promises to bring greater efficiency and transparency to global supply chains. This move signals a significant step forward for the Estonian startup as it scales its innovative solution for a worldwide audience.