Liftit raises $22.5M funding round to expand its logistics services

LatamListLiftit, a Colombian logistics startup, raised a $22.5M funding round led by Cambridge Capital. H20 Capital, AC Ventures, 10x Capital, Banyan Tree Ventures, Alpha4 Ventures, Grupo Transportes Monterrey, and angel investor Jason Radisson also contributed.

Liftit previously raised a $14.3M Series A from major regional investors such as Monashees, Jaguar Ventures, and NXTP Ventures. The startup has already been incredibly successful, achieving profitability in Chile and Colombia. They hope to be profitable in all operational countries by the end of 2020.

Liftit manages delivery for a number of major companies across the region, including Falabella, Walmart, and Frubana. During the COVID-19 pandemic, the startup has experienced a significant increase in demand throughout Latin America. 

“We do scheduled trucking delivery so we integrate with existing systems that shippers have and start planning how many trucks they’re going to need and the routes they’re going to take. […] We know exactly what is going to happen regardless of the traffic conditions, so we have been able to reduce delivery time for trucks,” said Brian York, CEO of Liftit.

The startup is currently operational in Colombia, Chile, Brazil, Mexico, and Ecuador. Liftit will use the new funding to further develop operations in these countries and expand its services.

Read more on TechCrunch.

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