Digital forwarder Shypple acquires Milestone, freight forwarder in fresh produce. Dutch Shypple has enough financial resources for the acquisition: in the past four months it raised over 25 million euros.
Shypple connects freight companies globally through a platform. The traditional freight market is yearning for modernisation, according to the Rotterdam-based company. Some 90 per cent of freight forwarder business is said to still be managed by Excel sheets, e-mails, phone calls and error-prone paperwork. Shypple's platform therefore not only matches companies, but also serves as a central place for communication and paperwork.
In April, Shypple raised €7 million in a Series A investment. It recently followed up with 18.5 million euros in a Series A2 financing. With that money, Shypple is aiming for faster market growth. By acquiring Milestone, Shypple will become the first digital freight forwarder for fresh produce. The company hopes to benefit from Milestone's knowledge and network in air freight and perishables transportation. Shypple will gain seven offices in China and several locations in Europe and Central America. After the acquisition, Shypple's turnover is expected to grow to €250 million by 2022.
Milestone's customers will have the opportunity to migrate to the Shypple platform as a result of the acquisition. In doing so, they will future-proof their operations while retaining their existing trusted relationships, the companies said in a joint statement.
