Jeff Bezos to invest in UK logistics startup Beacon #97001

Andrew Cummings
June 2, 2020

Jeff Bezos, the billionaire founder of Amazon, is investing in a British start-up which aims to overhaul the logistics sector and simplify how companies can export and import goods.

Beacon's investors include executives from Uber, Google and Amazon, according to its site. The startup's Chief Technology Officer Pierre Martin was previously the head of software engineering for Amazon's package & freight transport technology, according to his LinkedIn.

The startup, which is a digital freight forwarder, says it managed to raise over $15 million in recent Series A fundraising from some top-notch investors, including Bezos and venture capital firm 8VC.

The Amazon boss wasn't the only one to invest in in the British company as Uber founder Travis Kalanick and former Google CEO Eric Schmidt have also made a decision to invest.

Meanwhile, its supply chain finance solution helps its qualifying importer customers to solve the issue of cash flow by offering them financing - including entitlements to shipping discounts - within 72 hours.

Beacon's pitch: Dip chips in two industries-supply chain and tech-with a product that both identifies the best shipping routes and allows manufacturers to finance their payments.

Beacon co-founder and chief executive Fraser Robinson, commented: "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".

"With digitalisation accelerating globally because of COVID-19, we consider the way forward for the normal freight forwarder is extra precarious than ever", CEO Fraser Robinson mentioned in an announcement.

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