MECHELEN, Belgium, June 16, 2021 /PRNewswire/ -- Customs4trade (C4T) (www.customs4trade.com), the Belgium-based pioneer in digital-first customs management, announced today the closing of €17 Million in Series C funding led by 83North (www.83north.com), a global venture capital firm with $1.8 billion capital under management. The investment positions C4T for worldwide expansion, continuing to set the standard for the next generation of customs management.
Customs is important for all businesses involved in international trade and is time critical for a fluid supply chain. In an industry notorious for its complexity and fragmentation, C4T simplifies customs and trade with its SaaS solution, CAS, which was designed as a unique global standard to overcome the challenging variations between countries and disconnected local solutions. CAS connects corporations, logistics service providers, customs brokers, and customs authorities with a centralised, multi-country platform that has built-in legal compliance.
C4T has helped customers across industries, including retail, automotive, high tech, manufacturing, raw materials, and fast-moving consumer goods, accelerate international commerce, realise duty and administrative savings, and adapt to massive changes in trade, including Brexit. A CAS subscription can save companies up to 90% on customs administration and bottom-line duty costs. Logistics providers have the possibility to expand and increase their revenue 10-fold with CAS's comprehensive, multi-country functionality.
"There's a coming-of-age of tech and the ability to build phenomenal companies in Europe," commented 83North partner Laurel Bowden. "We believe Customs4trade will set the standard for their category and go on to achieve the exceptional."
"This investment will allow C4T to expand sales from European regions to the USA and accelerate integration with customs systems around the world, solidifying CAS as the global standard for customs and trade management," said C4T CEO and Founder Pieter Haesaert. "It is through people that we gain success, so hiring talent will be key to our growth strategy," added Ilse Vermeersch, COO and co-founder.
In 2019, Customs4trade raised €2,145 Million in Series A financing from Munich-based investors 42CAP (www.42cap.com) and 10x Group (www.10x.group), shortly followed by €3 Million in Series B financing led by Paris-based investors Hi Inov - Dentressangle (www.hiinov.com). "It was our belief, but their achievement," remarked 42CAP partner Alex Meyer about C4T's latest funding. This Series C round brings C4T's total financing to €22,145 Million ($27 million).
Customs4trade's (C4T) unique team of customs experts and best-of-breed technology engineers has developed CAS, a one-of-a-kind software solution that automates customs and trade compliance.
CAS is a collaborative hub, designed to manage regional and worldwide customs and trade compliance quickly and accurately, within one single platform. By automating all import and export processes, C4T clients experience faster time to market, eliminate customs duty and administration costs, and gain strategic visibility into their customs operations.
Built on the Microsoft Azure platform and delivered as a Service (SaaS), CAS provides customers with continual updates and feature enhancements, including the incorporation of any changes to legislation and compliance regulations—along with Azure's signature accessibility, scalability, and security.
83North is a global venture capital firm based in Tel Aviv and London. With only six people on the investment team and $1.8 billion in capital under management, the firm operates as a focused team, positioned to give their portfolio firms individualised attention in addition to their financial backing. 83North takes an entrepreneur-first approach, providing advice, connections, expertise, and capital while leaving the leaders of their investments to innovate and define the future. With 12 unicorns and 21 exits, 83North's portfolio companies are known for defining and leading their global categories. Investments include leading European and Israeli tech companies, including Mirakl, iZettle, Just Eat, Celonis, Marqeta, and Vast.
For more information, please visit www.83north.com.
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