Jeff Bezos, the Amazon founder who has amassed a fortune large enough to see him crowned the world's richest person, is to invest part of his wealth in a British technology start-up which wants to become a global logistics titan
Launched in 2018, the UK-based company uses artificial intelligence, cloud and other technology to improve operational efficiency for customers organising international trade in their products.
Beacon was set up to drive efficiencies in a historically fragmented industry, with industry sources saying this weekend that the timing of its latest fundraising was shrewd. Beacon is understood to have seen strong demand during the crisis from companies in the e-commerce and homewares sector, in particular.
Sources say it is markedly different to the likes of Uber Freight, a division of Uber Technologies, which offers point-to-point deliveries using trucks, with bookings made online.The company helps importers to address cashflow needs by offering financing within 72 hours - a critical issue for importers who invariably have to pay suppliers before goods begin a shipment journey that can take several months.
"It is a management team with deep expertise in logistics, technology, finance and hyper-growth," a source said.
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