An Australian startup helping small businesses to streamline the import and export process has secured $1.2 million in funding.
IncoDocs provides SMEs with a suite of digital tools to help with import and export documentation.
In a recent statement, founders Brandon Boor, Ben Thompson and David Hooper announced the new investment package, led by global shipping giant Maersk.
“Their support allows us to focus and deliver more value to our rapidly growing community of over 4000 small-to-medium enterprises (SMEs) from over 120 countries who have joined IncoDocs in the past 12 months,” the founders said.
IncoDocs is certainly in the right place at the right time.
Exporters – especially SMEs – now face several challenges when trading between different countries. Often they must comply with copious different pieces of legislation and requirements, requiring complex documentation.
Transforming a centuries-old industry
IncoDocs’ aims to simplify the process through a number of pre-made documentation templates, management and analytics.
“Transforming a centuries-old industry is a highly ambitious and complicated task and solving the problem of documentation is simply the beginning,” the founders said.
“We plan to utilise our new round of investment to double down on engineering and product so we can deliver more new and exciting ways for SMEs to conduct business where user experience, automation and smart technology empower them to scale.”
Boor and Thompson launched the company after a six-year stint running their own trading company.
“We were doing importing and exporting, predominantly out of Asia, and through that, we stumbled across the widespread problems businesses have with trade documentation,” Boor recently told StartupSmart.
They later teamed up with Hooper, an IT specialist and the three combined their talents to launch IncoDocs.
Bold vision for trade
“At IncoDocs, we have experienced first-hand the challenges that SMEs face in global trade,” said Thompson.
“We understand the limitations, we understand the complexity, but most of all we understand how important it is to fight for something better.
“We wholeheartedly believe that by developing technology that is both accessible and targeted for businesses of all sizes, we can unlock new opportunities and create new markets for millions of people to lead better lives.”
Skills and persistence
In a statement, Betty Yan Liu, operating partner at Maersk Growth, said her company had studied the trade documentation space extensively and picked IncoDocs as a leader.
“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 for SMEs,” Yan Liu said.
The funding will be used mainly to increase the size of the IncoDocs team to include more designers and engineers.
The team wants to further develop their smart documentation solutions and expand into more countries.
“Our vision is to help every small business in the world to participate and thrive in global trade by giving them the tools to compete on the world stage,” said Boor.