Cardinal collects ten million euros

The start-up successfully closed its Series A financing round. It is at home in the logistics industry and is now coming to Germany.

The French start-up Kardinal was able to raise a total of ten million euros in its financing round and wants to use the capital to expand to Germany, among other places. The logistics company was able to attract venture capital fund BGV as an investor, as well as Cap Horn Invest, Plug and Play Ventures and Serena.

The start-up has set itself the task of optimizing the tours of logistics companies. To do this, it uses software developed in-house, which, according to the company, should reduce costs and minimize environmental damage. The capital that has now been raised is the basis for further expansion into Europe, according to the start-up, which is focusing on Germany due to the size of the market. For the expansion, the start-up wants to hire 25 employees this year, which would amount to doubling the team.

Jonathan Bouaziz, CEO of Kardinal, says, "This round of financing will allow us to shift into a higher gear and further expand our competitive advantage. We have proven our added value in the French market by working with big names in the logistics industry. The next step is to consolidate our go-to-market strategy in Europe."

Jonathan Bouaziz, Hugo Farizon and Cédric Hervet founded the startup and have already raised a first round of funding of two million euros in 2019. According to its own data, the start-up grew by 500 percent in the same year.