Australian start-up IncoDocs has successfully raised Australian $1.2 million ($855,000) in seed funding from three major investors, including Maersk Growth, Transition Level Investors and Blackbird Ventures, the company announced today.
Based in Brisbane, Australia, IncoDoc’s vision is to provide all companies, regardless of their size, the opportunity “to participate and thrive in global trade.” To achieve that IncoDocs has developed a system that will allow small- and medium-sized enterprises to take part in the digital revolution by simplifying and automating the complex documentation process.
“At IncoDocs, we have experienced first-hand the challenges that (small and medium shippers) face in global trade. We understand the limitations, we understand the complexity, but most of all we understand how important it is to fight for something better,” said an IncoDocs statement.
In an effort to develop trade and help small businesses participate in the global market place the Australian firm is looking to develop systems and technology that can help all companies to take their place.
The starting point for IncoDocs has been to transform the way in which documentation is used and shared.
“As a small business we looked towards technology to help us improve operations. The solutions we found were not built for our size business. They were complex, often required training and were simply unaffordable. So, we decided to build our own. A targeted solution, easy to use and accessible,” said Ben Thompson, Co-Founder IncoDocs
IncoDocs was founded in February 2016 by Thompson, David Hooper and Brandon Boor and the company already has more than 4,000 companies registered from over 120 countries. The company plans to use the investment funds to develop smart technology.
Maersk Growth was established in 2017 by Maersk (Nasdaq OMX: MAER.B) to invest in businesses that will drive global trade and help remove the barriers to trade. It has already invested in companies looking to reduce food waste, develop blockchain applications for logistics services and booking services for trucks.
Investing in IncoDocs has added to the portfolio of start-ups that Maersk Growth believes will be crucial to future trade.
Betty Yan Liu, Operating Partner at Maersk Growth, said, “At Maersk Growth we have studied the trade documentation space extensively. We instantly liked IncoDoc’s solution for its simplicity and the virality of the product, and we are convinced the IncoDocs team has the skills and persistence to solve this significant pain point.”
