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UK Supply Chain Startup Beacon Raises $15M From Amazon CEO, Others

Neer Varshney
·1 min read

United Kingdom-based logistics startup Beacon has raised $15 million in a Series A funding round, it told Reuters in a statement Sunday.

What Happened

Amazon.com Inc. (NASDAQ: AMZN) Chief Executive Officer Jeff Bezos was one of the lead participants in the funding round, along with venture capital firm 8VC, it said.

According to its website, Beacon acts as a freight forwarding agent between international traders.

The startup says its aim is to "become a global leader in logistics and trade finance by making trade simpler, more transparent and reliable."

Beacon was founded in 2018 by two former Uber Technologies Inc. (NYSE: UBER) executives Fraser Robinson and Dmitri Izmailov. The startup's Chief Technology Officer Pierre Martin was previously the head of software engineering for Amazon's package & freight transport technology, according to his LinkedIn.

The London-based company is also backed by a former Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) CEO Eric Schmidt and Uber co-founders Travis Kalanick and Garrett Camp, its website shows.

Amazon Price Action

Amazon shares closed 1.7% higher at $2,442.37 on Friday. The shares traded further higher at $2,444.11 in the after-hours session.

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