Press Release, Oslo, February 2020
Plug and Play, the company most known for early investment in Dropbox and PayPal, enters the digital green logistics business. The Silicon Valley accelerator and VC company is MIXMOVE´s new investors.
– Our solution makes logistics more efficient and sustainable. The result is lower transport cost and environmental benefits throughout the supply-chain. The global potential is huge, because the transport industry is lagging behind global digital development, many still remaining in the paper-era, and far from utilizing the potential of digitalization. We are happy that Plug and Play sees the same market potential as we do, says Knut Ramstad, CEO of MIXMOVE.
Plug and Play is the world's largest global innovation platform, and well known for their accelerator program. They also invest in selected companies.
– The fact that Plug and Play believes we are beyond the stage of their accelerator program and invests directly is very exciting. We see this as a solid proof-of-concept for our technology and business model. The network of Plug and Play can open a lot of doors for us globally. We are ready, says Ramstad.
Plug and Play has partnered with over 300 of the world's most renowned venture capital firms and actively cooperate to growth and connecting partners and investors. Partners in the logistics sector include Walmart, ExxonMobil, Panasonic, United States Postal Service, DHL, Coca Cola, FedEx, Ericsson, Shell and DB Schenker.
– Globally, transport vehicles drive around half full, and many are empty. Our solution uses existing data about the goods to optimize fill rates which allows us to reduce the number of vehicles needed, hence reducing the climate gas emissions by 50 percent, says Ramstad.
MIXMOVE’s solution enables deliveries to be split from pallets down to single parcels. So rather than transporting unstackable half full pallets, shipments are consolidated so that any vehicle leaving a terminal can do so with maximum load.
Idekapital Fund 1, the existing majority owner in MIXMOVE also increased their investment in the new capital raise, as has the company’s own employees.