Estonian logistics startup MyDello has raised €3.1 million in new funding. Icelandic VC Frumtak Ventures led the investment round, with participation from existing investor Finnish early stage VC Superhero Capital. Joining the board are Frumtak Ventures general partner Andri Heiðar Kristinsson and (previous investor) Jevgeni Kabanov, President of urban mobility company Bolt, one of Estonia’s best-known scaleups.
The investment will be used to accelerate international expansion, starting with the UK, where customers can use the platform from December. Not content with reforming one of the world’s oldest industries – currently estimated to be worth $6tn globally – MyDello intends to go further, with the aim of fully embedding its AI technology into its systems, to automate most shipment operations by end of 2026.
MyDello is an exclusively B2B company, working directly with clients drawn from sectors such as manufacturing, wholesale, and e-commerce. The company claims to be the first digital freight forwarder to offer instant door-to-door pricing and routing for all freight modes (generated with a single inquiry), from 1 kg all the way up to 10 shipping containers, drawing on agreements with 400+ carriers and partnerships with the likes of DHL, Lufthansa, Maersk, Qatar Airways, and Finnair. This has resonated within the market as since its founding in 2021, the company has onboarded 12,500 businesses from 110 countries to its platform. Following year-on-year growth MyDello is today available across 12 countries in Europe and China, with the company on track to cover every European country by 2027.
MyDello argues that too much of the global freight trade is stuck in the past – with entrepreneurship held back by paper-based systems, negotiations and haggling, and even reliant on faxing critical documents. At the same time, businesses rarely know where their cargo is at any given time. Customers simply enter the origin, destination, dimensions, and weight of cargo and the technology takes care of everything else. All the customer has to then do is choose the most suitable offer from the options presented – and the shipping is arranged. Customers have real-time AI-powered tracking information and countdown to delivery, giving peace of mind that shipments are on track, while it’s free to use for every business customer.
MyDello works extensively on high complexity international long distance freight, such as that in and out of the EU, and has particular focuses on China (the company has an office in Shenzhen) as well as key trading lanes between the Americas and Europe. The company has already facilitated shipments between 120 countries and much of its business is in air, ocean, and rail freight, but the company works across all freight classes.
The decades of logistics experience in the founding team, coupled with proprietary software that has an ever-expanding AI layer, has fundamentally revolutionised a once cumbersome and opaque process. For MyDello users this makes delivering goods simpler, more transparent, and affordable.
Customers such as Rapala Purchasing Manager Kaile Palu are resoundingly positive about the service: “We are extremely satisfied with the freight services provided by MyDello. Their commitment to innovation, timely deliveries, and clear communication has made a huge difference in our supply chain. MyDello’s ERP portal is a game-changer – it accelerates our logistics process, giving us real-time visibility, automated updates, and a full overview over shipments. This makes our operations easier, faster, and more efficient – always on time and hassle-free. We truly value this partnership and look forward to continuing our collaboration.”
MyDello co-founder and CEO Joel Timm told us: “We love logistics – my co-founders and I have decades of experience and know the highs and lows of the industry. When we launched MyDello in 2021 we knew there was a better way for our industry to operate and in just a few years we have facilitated thousands of shipments, built up a deep customer base, and struck partnerships and agreements with hundreds of key carriers and industry peers. However, this is just the start, and we’re overjoyed to welcome Frumtak Ventures, and we thank them and our returning investors for their support.”
Frumtak Ventures general partner Andri Heiðar Kristinsson said: “MyDello is an awesome company: experienced founders with deep industry experience, proven track record, and crystal clear vision for what is next. Being from Iceland, an island in the North Atlantic, we at Frumtak know first-hand how important global logistics and freight forwarding is, while we also remain baffled by the outdated legacy technology and manual processes still dominant in this fragmented industry. MyDello is perfectly positioned to move the industry forward to the AI-age through its ambitious mission of fully automating shipment operations. MyDello also marks Frumtak’s first investment in an Estonian company, a remarkable and thriving tech ecosystem that has created so many success stories.”
