Logistics Startup MyDello Announces €3.1mn Funding From Frumtak Ventures, Superhero Capital, and Angels

We're super excited to share that we've led €3.1 million funding round in logistics startup MyDello (www.mydello.com), with participation from existing investor Finnish early stage VC Superhero Capital (www.superherocapital.com) and group of Estonian Business Angels. Joining the board are Frumtak Ventures general partner Andri Heiðar Kristinsson and Jevgeni Kabanov, President of urban mobility company Bolt, one of Estonia's best-known scaleups.

Founded in 2021, MyDello is an Estonian logistics platform that provides businesses with a fast and convenient way to manage international shipments. It enables real-time comparison of different shipping solutions and helps companies select the most suitable transportation method for their needs. The company’s mission is to reduce waste in global supply chains and make international freight transport fully automated.

The investment will be used to accelerate international expansion, starting with the UK, where customers can use the platform from December. Not content with reforming one of the world’s oldest industries - currently estimated to be worth $6tn globally - MyDello intends to go further, with the aim of fully embedding its AI technology into its systems, to automate most shipment operations by end of 2026.

MyDello is an exclusively B2B company, working directly with clients drawn from sectors such as manufacturing, wholesale, and e-commerce. The company is the first digital freight forwarder to offer instant door-to-door pricing and routing for all freight modes (generated with a single inquiry), from 1 kg all the way up to 10 shipping containers, drawing on agreements with 400+ carriers and partnerships with the likes of DHL, Lufthansa, Maersk, Qatar Airways, and Finnair. This has resonated within the market as since its founding in 2021, MyDello has onboarded 12,500 businesses from 110 countries to its platform. Following year-on-year growth MyDello is today available across 12 countries in Europe and China, with the company on track to cover every European country by 2027.

MyDello knows that too much of the global freight trade is stuck in the past - with entrepreneurship held back by paper-based systems, negotiations and haggling, and even reliant on faxing critical documents. At the same time, businesses rarely know where their cargo is at any given time.

Whereas MyDello Customers simply enter the origin, destination, dimensions, and weight of cargo and the technology takes care of everything else. All the customer has to then do is choose the most suitable offer from the options presented - and the shipping is arranged. Customers have real-time AI-powered tracking information and countdown to delivery, giving peace of mind that shipments are on track, while it’s free to use for every business customer.

MyDello works extensively on high complexity international long distance freight, such as that in and out of the EU, and has particular focuses on China (the company has an office in Shenzhen) as well as key trading lanes between the Americas and Europe. The company has already facilitated shipments between 120 countries and much of MyDello’s business is in air, ocean, and rail freight, but the company works across all freight classes.

The decades of logistics experience in the MyDello founding team, coupled with proprietary software that has an ever-expanding AI layer, has fundamentally revolutionised a once cumbersome and opaque process. For MyDello users this makes delivering goods simpler, more transparent, and affordable.

MyDello co-founder and CEO Joel Timm:

“We love logistics - my co-founders and I have decades of experience and know the highs and lows of the industry. When we launched MyDello in 2021 we knew there was a better way for our industry to operate and in just a few years we have facilitated thousands of shipments, built up a deep customer base, and struck partnerships and agreements with hundreds of key carriers and industry peers. However, this is just the start, and we’re overjoyed to welcome Frumtak Ventures, and we thank them and our returning investors for their support.”

Frumtak Ventures general partner Andri Heiðar Kristinsson:

"MyDello is an awesome company: experienced founders with deep industry experience, proven track record, and crystal clear vision for what is next. Being from Iceland, an island in the North Atlantic, we at Frumtak know first-hand how important global logistics and freight forwarding is, while we also remain baffled by the outdated legacy technology and manual processes still dominant in this fragmented industry. MyDello is perfectly positioned to move​ the industry forward to the AI-age through its ambitious mission of fully automating shipment operations. MyDello also marks Frumtak’s first investment in an Estonian company, a remarkable and thriving tech ecosystem that has created so many success stories.”