Most Korean merchants track international shipping logistics via email until the cargo reaches its destination safely. This includes all management processes from shipper to importer, including logistics, customs clearance, charges and transportation reservations.
Portlogics, a South Korean digital freight forwarder that offers a robotic process automation-based forwarding management system, helps merchants track international shipping logistics, get shipment status updates, and digitize processes with its software tools. We want to help you do that.
Portlogics CEO Choi Hyunchul said, A serial entrepreneur, when he ran YLP, the first startup acquired by T-Map Mobility, a subsidiary of South Korean telecom company SKT, in 2021, he found himself in an inefficient way of tracking international logistics. I noticed it first.
Shipping rates were constantly fluctuating during the pandemic, making freight rates unpredictable for shippers. Recognizing how urgently needed a digital transformation of the freight forwarding industry, Choi and his three other co-founders launched Portlogics that same year to develop his web-based trade order management and freight forwarding for merchants. Developed management system. It is transported by ship, or by road or rail.
More than 26 companies now use Portlogics software tools, Choi said, adding that major logistics companies and shippers such as GS Global and Hyundai Bioland, which manufactures ingredients used in cosmetics and health supplements, Added that it is included.
Such traction has allowed the South Korean startup to receive $1.6 million (2 billion won) from investors, including pre-series A investors. K2G Fund strategic investor GS Global, Owned by South Korean conglomerate GS Holdings.
Portlogics, which currently has 19 employees (6 in R&D), will use the new capital to further develop its platform, including hiring additional employees.
The startup also plans to deploy artificial intelligence and machine learning to improve its ability to understand the data the outfit has been collecting and estimate electronic booking and delivery costs, Choi said. Choi added that Portlogics is working with B2B SaaS security companies to help protect customers who use their software and strengthen their own data security measures.
Portlogics is currently focused on South Korea’s freight forwarding industry, but plans to open offices in Southeast Asia and the United States after 2024, Choi said, with plenty of market share left to capture. observed.
According to estimates from research firm Allied Research, The global digital freight market is $22.9 billion in 2030up from $2.92 billion in 2020.
“Global supply chain management and logistics have been reorganized [due to rising tension between the U.S. and China]K2G Fund Archi KyungRok Kong Managing Partner said: “In this paradigm shift, we have seen more South Korean vendors participating in the global supply chain management ecosystem and increasing freight forwarding transactions from South Korea to the US and the world. We believe this is a great opportunity for South Korea-based freight forwarders with significant upside opportunities.”
