Fresh capital to boost SmartKargo rollout for airlines
SmartKargo is looking to boost the adoption of e-commerce shipping solutions for airlines with fresh capital from investment firm M33 Growth.
March 18, 2021
By PLA Editor
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SmartKargo is looking to accelerate the adoption of e-commerce shipping solutions for airlines with fresh capital from Boston-based investment firm M33 Growth, a press release confirmed.
The company will use the capital to rollout its e-commerce shipping solution for carriers and create new adjacent business opportunities that will benefit the industry, by boosting cargo revenues.
The ‘strategic growth investment’ comes as a growing number of airlines are embracing SmartKargo’s cloud platform, which enables carriers to open new revenue streams through e-commerce shipping and last-mile delivery.
Airlines in Brazil, Canada, Mexico and Norway have adopted the platform and saw cargo revenue grow by shipping e-commerce products on passenger aircraft, the company noted.
Disrupting the traditional approach to the air cargo business, the SmartKargo’s flexible approach using its cloud platform allows it to ‘wrap’ the e-commerce solution around legacy air cargo systems and add the e-commerce segment in just a few months.
As global e-commerce sales accelerate from an estimated $5 trillion sales globally this year to a projected $6.4 trillion in 2024, the company sees its solutions as a compelling shipping method for online retailers.
“The proven success of SmartKargo as a leader and innovator in the air cargo technology sector comes at a time when airlines are looking for new revenues and retailers are seeking speedy solutions for the delivery of their products,” said Brian Shortsleeve, co-founder and managing director of M33 Growth.
Payload Asia asked SmartKargo on the investment but the company cannot share the amount publicly at this time.