Portugal’s road freight platform Meight raises €3.4M

Evora-based Meight[1], a Portuguese company providing Intelligent Transport Platforms (ITP), has secured EUR3.4M in funding, led by venture capital firm Cusp Capital. The investment will support Meight's expansion across Europe and speed up the development of its cloud-based transport system. Dr.

Maximilian Rowoldt, General Partner at Cusp Capital, says, "Road freight carriers are the backbone of logistics, with over 500K carriers moving 77 per cent of inland freight in Europe alone. Meight empowers the operations of road carriers with a first-of-its-kind system of intelligence and provides direct ROI for customers via their patented fuel savings feature." "We're very impressed with the product vision and traction of Meight and happy to partner with Luis, Antonio, and the whole Meight team on their journey to building the leading system of trucking intelligence."

Cusp Capital is a VC firm that backs early-stage European software and tech companies. The firm has invested over EUR600M in companies like Zalando, Delivery Hero, and Klarna.

A data-powered road freight platform

Meight aims to change the trucking industry with the first automated dispatcher, which uses AI to make operations easier and paperless. It helps small, family-owned trucking businesses improve efficiency and compete better. 

With new funding, Meight will grow its platform and add more features to make freight management even more automated.  Launched in 2021, Meight's platform helps companies across Europe manage their operations, from planning routes to reporting. It makes the process faster, more efficient, and eco-friendly.

The platform covers every step of the freight process, from booking and dispatch to route planning and real-time monitoring in Autopilot. The technology optimises routes, reduces unnecessary trips, and enables paperless, automated operations across Europe.

Capital utilisation

Luis Mendes, CEO and co-founder of Meight says, "We are thrilled to have Cusp Capital leading this round, as well as having Grupo Lusiaves, Faber and EIT Urban Mobility's continuous backing as we continue revolutionising transport management with future-proof intelligent solutions." "This investment allows us to expand our footprint in Europe and double-down on our AI-powered freight planning, which already helps trucking companies to save fuel, money and time."

Brief about EIT Urban Mobility 

EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology[2] (EIT), works to accelerate the transition to a user-centric, integrated transport system. 

It fosters collaboration between cities, industry, academia, and research to address urban mobility challenges, using cities as living labs to demonstrate how new technologies can improve transportation for people, goods, and waste.

Speaking about the investment in Meight, Matteo Consonni, Investment & Portfolio Manager at EIT Urban Mobility, says, "With road-based freight being a major contributor to overall EU emissions, the positive environmental impact Meight can have is significant and aligns perfectly with the type of companies EIT Urban Mobility aims to support."

"We believe this funding round presents a great opportunity for Meight to scale and increase their impact."

References

1. ^ Meight (www.meight.com)
2. ^ European Institute of Innovation and Technology (eit.europa.eu)