Burleigh Heads logistics software company CartonCloud set for US expansion after $12m capital raise

A Burleigh logistics software company is launching into North America after receiving a multimillion-dollar boost, and the move will mean more local jobs.

CEO of Carton Cloud, Vincent Fletcher. Picture: Jerad Williams

BURLEIGH logistics software company CartonCloud is launching into North America after receiving a $12m capital boost, which will also mean more local jobs.

MA Financial has chipped in the cash to fund an expansion into the North American logistics market and further develop CartonCloud’s transport and warehouse management system.

CartonCloud’s technology allows warehouse, transport and third-party logistics businesses to compete with major players in the industry with its affordable software as a service offerings.

The homegrown business, which has more than 350 mostly-Australian customers, has received significant inbound interest from prospective offshore customers over the last 18 months.

MA Financial’s investment in CartonCloud comes as demand for warehouse and transport management solutions grows significantly with supply chain volumes increasing across the globe.

CEO of Carton Cloud Vincent Fletcher. Picture: Jerad Williams

CartonCloud CEO and founder Vincent Fletcher said the MA Financial investment represented a significant milestone for the software company.

“We now have the ability to significantly increase our headcount, fast-track development to roll out new features and expand to North America,” Mr Fletcher said.

“Entering the massive US logistics industry and building a team there opens up extraordinary opportunities for CartonCloud to secure new customers, build new industry partnerships and continue to improve our product for all of our global customers.”

Will Botha, investment director at MA Financial’s Growth Capital team, said CartonCloud was an excellent example of a mission-critical software solution.

“CartonCloud is 100 per cent focused on customer value,” Mr Botha said. “We are pleased to support the next phase of their growth.”

The MA Financial investment follows a $1 million capital raise through high-net-worth individuals in 2017, which supplemented a $1 million grant from the Queensland Business Development Fund.

Since the 2017 raise, CartonCloud has experienced consistent year-on-year growth of 45 per cent while the number of clients has jumped from 60 to more than 350.

In 2021 alone, CartonCloud clients used the platform to invoice more than $1 billion worth of freight.

The CartonCloud team now consists of more than 40 employees, most of which are software developers with logistics industry experience dedicated to enhancing the capabilities of the warehouse and transport management systems.