UK Supply Chain Startup Beacon Raises $15M From Amazon CEO, Others

United Kingdom-based logistics startup Beacon has raised $15 million in a Series A funding round, it told Reuters in a statement Sunday.

What Happened

Amazon.com Inc. AMZN Chief Executive Officer Jeff Bezos was one of the lead participants in the funding round, along with venture capital firm 8VC, it said.

According to its website, Beacon acts as a freight forwarding agent between international traders.

The startup says its aim is to "become a global leader in logistics and trade finance by making trade simpler, more transparent and reliable."

Beacon was founded in 2018 by two former Uber Technologies Inc. UBER executives Fraser Robinson and Dmitri Izmailov. The startup's Chief Technology Officer Pierre Martin was previously the head of software engineering for Amazon's package & freight transport technology, according to his LinkedIn.

The London-based company is also backed by a former Alphabet Inc. GOOGL GOOG CEO Eric Schmidt and Uber co-founders Travis Kalanick and Garrett Camp, its website shows.

Amazon Price Action

Amazon shares closed 1.7% higher at $2,442.37 on Friday. The shares traded further higher at $2,444.11 in the after-hours session.