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With smart software, Logichainge helps transport companies and forwarders to process customer orders quickly and flawlessly. The startup is now ready for the next step and founder Funs Swinkels successfully appealed to LIOF to do so. "We want to grow throughout Europe. LIOF has the capital and opens many doors."
© Funs Swinkels
To the layman, it is not easy to explain exactly what Logichainge does, but the transport industry sees the value. Dozens of carriers and forwarders already do business with the Venlo-based company's five-member development team, and that number is growing steadily.
Funs Swinkels: "The logistics sector continues to grow. Millions of products are transported from a to b every day. By trucks, trains, ships and planes. It is a billion-dollar business that demands speed, efficiency, sustainability, digitalisation and application of artificial intelligence. This sounds logical, but practice is obstinate. Companies often continue to work in the old way."
In 2022, Swinkels decided to do something with signals from the logistics sector. "Processing orders is still mostly done in an old-fashioned and error-prone way. Whether the order arrives via e-mail or automated, data gaps arise everywhere, which require attention to allow the order to continue through the internal process."
This can be done better, he thought. With a small team, he built software that can read and process incoming orders fully automatically. "Using Artificial Intelligence, the programme recognises all relevant data from the order. This enriched and validated data is then delivered directly into the customer's ERP application."
It took a while to convince the market, but now the time is ripe for the next step. "Carriers are increasingly seeing the benefits of outsourcing order processing. Digitisation is a specialism, as is AI processing. You can do everything yourself, but just find the specialists. We take that over. Our system is scalable and basically the same for every customer."
The next step is further international expansion and developing better links to customers' administration systems. "With our platform, we want to bring in more logistics companies. Often companies operating in Limburg, but also serving other European countries."
Building the platform and rolling it out in Europe requires capital. That is why Swinkels and his stakeholders sought an external shareholder. In March, LIOF stepped on board. "I am very happy that they are participating. Venture capital is hard to find. Even more important are LIOF's network and expertise. They know the market, think with us and introduce us at fairs and meetings."
LIOF did not hesitate. "Logichainge has a validated product that ties in with innovation in digitalisation and sustainability in logistics," says Investment Manager Niek Theunissen. Swinkels is counting on a long-term partnership: "We want to spread our wings throughout Europe."
More information? Look at the website.
Source: Enterprise in Limburg