iCustoms, a London-based startup offering fully automated customs management solutions, has successfully raised $2.2M (approximately €2M) in a seed funding round. The round saw participation from Fuel Ventures, PlugnPlay, Outrun Ventures, Montblu Capital, SyndicateRoom, and leading angels, positioning iCustoms to enhance its technology for automating and optimizing customs and trade procedures.
The customs clearance process, often hindered by outdated software, extensive manual paperwork, and heavy reliance on manpower, is set for a transformation. iCustoms aims to streamline all customs procedures in minutes, reduce additional costs, and save time through its AI-powered and machine-learning capabilities.
Advertisement
Automating Customs Processes for Efficiency
Led by CEO Adnan Zaheer, iCustoms is an all-in-one solution designed to make trading simpler and more efficient. “Our goal is to make trading simple for all of us,” says Zaheer. The company’s AI platform aims to eliminate tedious manual tasks, streamline customs processes, and ensure complete compliance, allowing for the expansion of its tech team, development of new offerings, and a significant impact on the trade compliance industry.
Investors Rally Behind iCustoms’ Vision
Fuel Ventures, known for its early-stage investments in globally scalable marketplaces, platforms, software (SaaS), and transactional technologies, sees immense potential in iCustoms’ innovative AI-driven approach. “We believe this technology will significantly reduce time and resource burdens for businesses involved in international trade,” says Mark Pearson, Founder and Managing Partner of Fuel Ventures.
SyndicateRoom, employing a data-driven approach to maximize return potential and diversify investments, is thrilled to support the UK based company. “Adnan and his team’s dedication, expertise, and exceptional capabilities make them a perfect fit for our portfolio. We’re excited to see iCustoms revolutionize the trade compliance industry,” says Tom Britton, Founding Partner, SyndicateRoom.
With this seed funding, the startup is well-positioned to lead the way in automating customs processes, making international trade more accessible and efficient for businesses worldwide.
