Maersk invests in digital trade documentation start-up
IncoDocs, a tech start-up looking to digitalise the documentation used in international trade, has received AUD$1.2 million (approximately US$850,000) in new funding from investors including Maerk’s venture capital arm, Maersk Growth.
The funding round also included Transition Level Investments and Blackbird Ventures as strategic investors supporting further development of IncoDoc’s technologies, which aim to allow small and medium sized companies to better manage the large volumes of paperwork involved in importing and exporting goods, levelling the playing field with larger companies and encouraging greater volumes of trade for all parties.
IncoDocs says that it has had more than 4,000 small-to-medium enterprises (SMEs) from approximately 120 countries join its platform in the past 12 months.
“Transforming a centuries-old industry is a highly ambitious and complicated task and solving the problem of documentation is simply the beginning,” the company said, in a statement on the close of its funding round.
“We plan to utilise our new round of investment to double down on engineering and product so we can deliver more new and exciting ways for SMEs to conduct business where user experience, automation and smart technology empower them to scale.”
The IncoDocs system currently includes digital templates for documents like Quotations, Purchase Orders, Confirmations and Invoices. The company says it is currently working on the addition of a wider range of documents, such as Bills of Lading and Forwarding Instructions, to cover a greater spread of the paperwork used in managing international trade.