April 28, 2020
Logmore, the Finnish data logging pioneer has closed a 4.5 million euros Series A equity investment round. The round was led by NordicNinja VC (FIN) in partnership with Icebreaker VC (FIN), Trind Ventures (EST), Tekton Ventures (USA), and Jaakkoo-Taara (FIN), to fund Logmore’s global expansion.
Since their launch in March 2019, Logmore has quickly been adopted by 150+ enterprises’ quality management teams with an increasing demand. The fresh capital injection will allow Logmore to scale up operations and meet the strong demand for its services in North America, Asia, and Europe. Logmore had previously raised €1.3 million in funding for developing their innovative subscription-based service.
“It wasn’t long ago since Logmore was just a lone woodchopper’s idea. After launching the service we’ve been working hard to make critical shipment condition monitoring such as temperature monitoring of food and pharmaceuticals easy, efficient and reliable. We are very excited to bring transparency and security into the global supply chains.”, says Janne Juhala, the founder and CEO of Logmore.
Shipment condition monitoring such as temperature monitoring of food and pharmaceuticals is crucial for global logistics. Logmore ensures the quality of goods with a seamless cloud service built around the novel dynamic QR code tags. The tags measure temperature, humidity, light, shocks, and tilt. Each new measurement refreshes the QR code to embed the data into it.
“QR technology was invented in Japan and has been used for contactless payment for years. Logmore has taken this technology to the next level to ensure the quality of deliveries.”, said Tomosaku Sohara, Managing Partner of NordicNinja VC. “We’re looking forward to supporting the company as they scale up globally.”
Data is retrieved by simply reading the QR code with any smart devices’ camera or standard barcode reader. Data is automatically uploaded to the Logmore cloud platform which allows managing and monitoring quality of fleets of all sizes. Unlike the competing Bluetooth / USB solutions, Logmore requires no specific technology from recipients and can be used also in airborne supply chains, making it truly an end-to-end solution.
The service allows quality management teams to monitor their shipments all the way to the users, which is especially useful for home deliveries. In addition to logistics, negotiations are open with enterprises from industries such as pharmaceuticals, food, and electronics.
"We joined the team in early 2018, when I was introduced to the very first version of the service, in a meeting room where it was literally on a drawing board level. Fast forward from that, it has been an honor to support and follow the growth of the team to where they are today. More than 100 enterprise customers later, they got the best partners to accelerate even further - super happy to have NordicNinja VC, Tekton Ventures, Trind.vc and Jaakkoo-Taara Oy to join the ride." Says General Partner here at Icebreaker.vc, Aleksi Partanen.
Logmore plans to use the new funding to expand their operations aggressively worldwide with emphasis on opening new offices and recruiting teams in both North America and Asia in addition to expanding their team in Finland during 2020. The expansion will enable even better support to the wide variety of quality management teams in need of condition monitoring.