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Reuters
Reuters
Business
Maria Ponnezhath

Amazon's Jeff Bezos invests in UK digital freight forwarder Beacon

FILE PHOTO: Jeff Bezos, founder of Amazon and Blue Origin speaks during the JFK Space Summit, celebrating the 50th anniversary of the moon landing, at the John F. Kennedy Library in Boston, Massachusetts, U.S., June 19, 2019. REUTERS/Katherine Taylor/File Photo

Amazon.com Inc Chief Executive Jeff Bezos has picked British startup Beacon, a digital freight forwarder, for his latest investment.

Beacon said on Sunday it raised over $15 million in Series A fundraising, from investors including Bezos and venture capital firm 8VC.

The startup, formed by two former Uber Technologies Inc executives two years ago, is already backed by Uber founders Travis Kalanick and Garrett Camp, along with former Google CEO Eric Schmidt.

Beacon is also a supply chain finance firm that provides real-time data of cargo delivery and a marketplace view of global shipping costs and prices.

"With digitalisation accelerating globally as a result of COVID-19, we believe the future of the traditional freight forwarder is more precarious than ever," CEO Fraser Robinson said in a statement.

Beacon, whose logistic services include global ocean, air and truck freight, said the funds raised will be invested in new hires, technology and market expansion.

Amazon did not immediately respond to request for comment.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Lisa Shumaker)

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