Belgian startup Qargo has just completed a funding round, securing €28 million in Series B investments. Based in Ghent, Qargo specializes in a transport management system (TMS) platform that promises efficiency gains for Europe’s transport operators. This notable milestone was led by Sofina, a Belgian investment firm known for its strong ties in regional industries, with continued support from existing backer Balderton Capital.
Founded in 2020, Qargo stands out for leveraging artificial intelligence to simplify and automate transportation workflows. From order entry to planning routes, optimizing loads, invoicing, and compliance reporting, Qargo is reshaping operations for carriers, freight forwarders, and third-party logistics companies (3PLs). This funding will propel its expansion plans and enhance product development further.
Breaking Down Qargo’s Success
1. Phenomenal Growth in Under Two Years
Since its last funding round in May 2024, Qargo’s customer base has quadrupled. It now serves over 400 businesses, up from around 100 clients. At the same time, they’ve scaled their operations drastically, with annual invoice processing rocketing from €479 million to €2.1 billion.
This rapid growth signals strong demand for digital transformation tools in what has traditionally been one of Europe’s more manually-driven sectors. Companies are clearly seeking solutions that can minimize time lost on manual logistics tasks and cut operational waste.
2. Investment Details
Sofina, the lead investor, was drawn in by Qargo’s measurable impact on cost savings and operational improvements. Supporting from earlier stages, Balderton Capital’s continued input highlights its confidence in Qargo’s potential as it matures. The €28 million boost means that, so far, a total of €54 million in funding has gone into driving Qargo’s operations.
The funds will predominantly fuel three initiatives:
- Scaling operations to new market geographies, which could see them expand beyond their current European concentration.
- Team growth, which suggests they’re planning aggressive hiring across tech, product, and market enablement teams.
- Technological advancements, specifically integrating more AI into their TMS product to refine predictive analytics and improve automation features.
The Bigger Picture
How Qargo is Transforming Transport
The backbone of its success lies in its AI-powered automation, helping transport operators not only reduce inefficiencies but also adjust to new environmental regulations. Empty runs, where trucks move cargo-less on return trips, are minimized by up to 30% through better route planning on Qargo’s platform.
A quote from their CEO, Adriaan Coppens, captures their mission clearly: “Our aim isn’t just to digitalize logistics but to offer real, measurable savings for companies adapting to a rapidly changing transport ecosystem.”
Fuel prices, environmental mandates, and driver shortages are pressuring European transport companies to innovate or risk falling behind. Tools like Qargo help ease these burdens while scaling capabilities, making them increasingly attractive to businesses of all sizes.
Lessons Entrepreneurs Can Learn
Qargo’s success provides valuable insights for startup founders building platforms, particularly in B2B SaaS or AI:
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Vertical Focus Works Best at the Start
Qargo could have cast its net wider, but instead honed in specifically on transport logistics, building features that perfectly address challenges like routing inefficiencies and invoice bottlenecks. Having a niche focus coupled with superior delivery appeals to early adopters. -
Be Data-Driven from Day One
Their AI results highlight the power of data when tapped early. Qargo’s ability to show reductions in “empty miles” or admin times directly ties into their marketing and sales effectiveness. Crisper metrics help attract sophisticated investors like Sofina. -
Grow Steadily, Not Rapidly
While some startups chase growth hyper-aggressively, Qargo has grown responsibly. They focused on getting their first users happy, iterating with feedback, and gradually scaling their customer base. This reputation-first model positions them as reliable alongside rapid expansion. -
Fundraise Strategically But Stay Grounded
Qargo’s Series B size might tempt its leadership into hyper-expansion, but maintaining quality execution will matter more at this stage. A well-paced team expansion and continued tech upgrades will ensure they scale without overstretching.
Challenges to Watch
But it’s not all smooth sailing. Here are a few obstacles to avoid for comparable startups:
- Over-promising on AI capabilities. Users eventually test whether the system delivers exactly what’s advertised. Any shortfall could tarnish trust.
- Operational complexity during scaling. Transitioning from 400 to 1,000 customers means recalibrating support systems constantly. Oversights here could lead to churn.
- Regulatory oversight. Europe’s transport markets are increasingly subject to green-mandate policies, which could force product compliance upgrades at short notice. Having flexible systems is essential.
Ultimate Takeaways
Qargo is a poster child for Europe’s next generation of logistics platforms. Its blend of practical automation and intelligent planning directly addresses inefficiencies hampering one of Europe’s most traditional sectors. For SaaS leaders, it demonstrates how profit and environmental goals can complement each other. For startups generally, it offers a clear blueprint: focus deeply, scale gradually, then cement leadership in your niche.
Learn more about Qargo and its transport solutions here.
FAQ
1. What is Qargo, and what does it do?
Qargo is a Belgium-based startup offering an AI-driven Transport Management System (TMS) that automates and streamlines logistics workflows, from order entry to route planning, load optimization, invoicing, and compliance reporting. Learn more about Qargo
2. How much funding did Qargo recently secure?
Qargo raised €28 million in a Series B funding round, bringing their total funding to €54 million. This funding will be used to expand operations, grow the team, and advance its AI-powered TMS product. Explore Qargo’s funding news
3. Who led Qargo’s €28 million Series B funding round?
The funding round was led by Sofina, a Belgian family-backed investment firm, with continued support from existing investor Balderton Capital.
4. How has Qargo grown since its Series A funding?
Since May 2024, Qargo’s annual invoiced volume increased from €479 million to €2.1 billion, and its customer base has grown fourfold, from 100 to over 400. Check out Qargo’s rapid growth
5. What is Qargo’s main goal in using AI for transport management?
Qargo uses AI to minimize inefficiencies, reduce manual processes, and improve sustainability. For example, its platform reduces empty truck runs by up to 30% through better route optimization.
6. What are Qargo’s plans for the new funding?
Qargo plans to scale operations to new geographies, hire aggressively across tech and product teams, and further develop its AI-powered transport management platform. Explore Qargo’s expansion plans
7. Who is Qargo’s primary customer base?
Qargo primarily serves carriers, freight forwarders, and third-party logistics providers (3PLs) in Europe, aiming to improve their operations through automation and advanced analytics.
8. What makes Qargo different from traditional TMS solutions?
Qargo stands out for its use of advanced AI to automate tedious manual tasks, such as order creation, route planning, and invoicing, which helps businesses achieve measurable cost savings and improved compliance. Learn more about Qargo’s unique approach
9. How does Qargo contribute to sustainability in logistics?
By optimizing routes and reducing empty load trips, Qargo not only lowers costs but also reduces greenhouse gas emissions, aligning with evolving environmental mandates in Europe.
10. Who are the key players in Qargo’s leadership and investor team?
The company is led by CEO and co-founder Adriaan Coppens. Its investors include Sofina and Balderton Capital, both of whom see great potential in Qargo’s AI-driven impact on logistics. Meet Qargo’s leaders
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
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Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.