Cargo Stream, a startup in the field of logistics technology headquartered in Vilnius, revealed its successful acquisition of €1 million in funding on Thursday, August 11. The funding round was spearheaded by LitCapital, a private equity firm.
LitCapital stands as an independent growth capital fund with a dedicated focus on investing in burgeoning companies within the Baltic region.
The Lithuanian startup has revealed that the secured funding will serve as a catalyst for its expansion initiatives. This financial injection will empower the company to initiate its operations in the Polish market and concurrently fortify its position in the United Kingdom.
Sarunas Belickas, the COO of Cargo Stream, shared, “We are thrilled to embark on this partnership with LitCapital and extend our gratitude for their confidence in our ambitious vision. Based on our current financial forecasts, our revenue is anticipated to surpass €2 million. With clear potential for even greater achievement, our objective is to reach the €3 million mark in 2023.”
Belickas added, “This investment will not only expedite our expansion endeavors in Poland but will also furnish us with essential resources to enhance our operations in the UK, where our presence is already established.”
About Cargo Stream
Established in 2019 by Sarunas Belickas, Cargo Stream operates as a cloud-based platform that unifies all stakeholders in the supply chain, providing them with a centralized online workspace to manage logistics operations seamlessly.
At its core, the company focuses on streamlining the entirety of the logistics process. This involves furnishing freight forwarders and shippers with comprehensive control tower visibility, enhanced operational efficiency, and strategic cost optimization.
Cargo Stream is steadfast in its commitment to enhancing customer efficiency through the avenue of digital transformation. It is driven by the goal of generating valuable solutions and facilitating superior control over the intricate dynamics of the supply chain.