- Vilnius-based logistics facilitator GoRamp brings in USD 3M in Late Seed round
- GoRamp’s solution includes real-time warehouse time slot management and order management automation
- The new investment will allow the startup to strengthen its position in the priority markets of Western Europe and North America
This July, Lithuanian cloud-based logistics optimization SaaS GoRamp announced its Late Seed round of investment of USD 3M. Lead Ventures led the round as GoRamp’s investors from previous rounds – the famous Tallinn-based accelerator Startup Wise Guys, the well-known Czech VC fund Presto Ventures (invested in Cruxo, among others), and Willgrow – joined in.
History and Product
The co-founders Jevgenij Polonis, Marius Repecka, and Ugne Palionyte have extensive backgrounds in transportation, supply chain, and logistics. They started GoRamp in 2017 as they realized that they had to spend too much time on manual communication: resending truck plate numbers, confirming delivery dates and times, etc., instead of further excelling at their actual jobs – developing business and bringing in new customers.
As it often happens with startups, they first looked for readily available solutions in the market and realized that 10% of market (enterprise customers) had already invested in custom software development or purchased enterprise software solutions with overpriced subscriptions. Meanwhile, the remaining 90% faced the same issues but couldn’t find a fitting solution. Since the relevant processes were largely standardized, it was apparent to the co-founders that an affordable yet effective SaaS solution was possible.
GoRamp offers two products:
- Warehouse time slot management – Calendly for warehouses. It replaces chatting about possible delivery dates and times, quantities, and confirming them, with digital twins of warehouses and suppliers are created. Carriers can see the availability of time slots in real time and book instantly.
- Order management module – CRM for logistic departments. It displays real-time information about pricing, confirmed carriers, shipment status, documentation, etc. and eliminates the need for resending any logistics-related information through any other communication channels.
GoRamp’s previous round of investment took place a little over a year ago. At the time, the startup’s CEO Jevgenij Polonis mentioned that the raised EUR 1.5M would be used on exploring sales and marketing opportunities in Western Europe and North America, as well as strengthening the customer success team.
One year after, Mr Polonis states that his team is quite happy with their pace and the job the accomplished with regions, team, and process development. Namely, the geography of GoRamp’s clientele has grown from 18 to 20+ countries. As for the customer success, this division of the company has been split into several roles for increased efficiency.
‘Now, our customers do get much more onboarding materials and our internal team is split into onboarding, upselling, and retention subdivisions,’ Mr Polonis explains.
The progress doesn’t go unnoticed for the investors. ‘We’ve witnessed remarkable, continuous growth since our previous round in GoRamp, along with significant progress in international markets. The team’s unwavering focus on operations and efficiency, while benefiting from their scale, remains paramount,’ Startup Rise Guys’ global CEO Cristobal Alonso tells ITKeyMedia.
‘We have been looking for opportunities in this segment for a while, and GoRamp stood out with its highly professional founding team and their track record of building companies and delivering business results. We have huge expectations about the team, but I am confident that they will deliver,’ Lead Ventures’ partner Kristóf Székely adds.
Challenges and Plans
According to Mr Polonis, the logistics industry faces persistent challenges of supply chain and increasing labor costs. In such a situation, warehouse operations efficiency and especially data automation become increasingly topical. As such, the company sees a lot of potential for progress in this direction.
GoRamp plans to use the current investment on strengthening its foothold in key markets of Western Europe and North America. ‘It will be across all our departments. We will expand our native speaking teams for major markets, our marketing team to increase the variety of lead sources, and our product team to ship more modules for end-to-end transportation process,’ the CEO clarifies.
‘Jevgenij, Ugne, and Marius managed to build an outstanding team that’s ready to scale the company further, and this funding round adds the necessary fuel to this scaling machine,’ Presto Ventures’ partner Roman Nováček continues.
The transportation and logistics industry keeps lagging behind in terms of digital transformation. This is largely due to the need for the processes no run non-stop and uninterrupted. However, with the growing need for increased efficiency becoming more and more apparent, GoRamp is fully equipped and enabled to disrupt this industry, capitalize on the team’s strengths, and grow exponentially as a global provider of logistics optimization.
Kostiantyn is a freelance writer from Crimea but based in Lviv. He loves writing about IT and high tech because those topics are always upbeat and he’s an inherent optimist!