Maersk Growth among investors in Torch short-haul freight network
Maersk Growth and several venture-capital companies have together invested $3.5m in Torch, a 3PL platform focused on the short-haul segment. The seed funding is intended to enable Torch to expand its network and analytics capabilities, as well as its customer-service efforts.
Launched in 2019, Torch connects high-volume shippers with a network of specialist short-haul carriers.
“Rising consumer expectations require faster deliveries and inventory positioned closer to consumers. Torch is the first network to launch with both a commitment to the short-haul category and technology purpose-built for the short-haul industry,” said Abtin Hamidi, founder and CEO of the company.
Maersk Growth, the corporate venture arm of A.P. Moller – Maersk, invests in new business models and technologies to transform global supply chains. It works with startups that are tackling complex challenges to help shape the future of trade.
“Torch is a great addition to our portfolio, addressing major inefficiencies in short-haul logistics, and we look forward to partnering with them on their exciting proposition and more-sustainable short-haul services,” said Peter Votkjaer Jorgensen, a partner at Maersk Growth.
Torch joins more than 20 other startups in Maersk Growth’s portfolio, which invests in three areas: smart logistics technologies, trade enablement and environmental sustainability.
This article originally appeared on Splash 247