Cargo Steam raised €1M from Lithuanian LitCapital

Vilnius-based workspace for supply chain management Cargo Steam raised €1M from Lithuanian growth capital firm LitCapital.

Founded in Vilnius in 2019, the startup developed solutions based on artificial intelligence technology to make processes in logistics go faster, reduce of using manual work, and optimize cost for freight forwarders. It is a cloud-based platform allowing all supply chain participants to manage the logistics processes in an online workspace. One of its solutions is time slot management, embedded in the supply chain management system. This system allows the warehouse team, suppliers, and carriers to schedule deliveries, entering relevant data such as cargo type, loading, etc. All participants get automated notifications when something changes

Cargo Stream will use the investment to accelerate its expansion into the Polish market and strengthen its operations in the UK. 

The company's CEO is Vilmantas Ladyga, and COO - Sarunas Belickas. The startup has offices in Warsaw, Hamburg, Birmingham (UK), Rotterdam (Netherlands), and Dunkerque (France).

Founded in 2010, LitCapital supports Baltic high-growth companies financially and also provides expertise and guidance in talent attraction, strategy and business model development, finance, sales, and add-on acquisitions (acquirement of a company and integration of it into an existing business within the portfolio of the buyer). LitCapital has two funds: LitCapital I (co-funded by European Investment Fund) and the successor LcX Opportunity Fund (backed by INVEGA, along with local pension funds, family offices, and high-net-worth private investors). Its portfolio includes electric powertrains designer and manufacturer Elinta Motors, a peer-to-peer and business-to-customer platform for used book Horizontal Media.