IncoDocs, an online trade documentation tool for small and medium businesses (SME’s) has closed $1.2 million in seed funding from investors including Maersk Growth, corporate venture arm of industry heavyweight A.P. Moller – Maersk, Transition Level Investments and Blackbird Ventures.
According to the World Bank, an average international trade transaction involves 27-30 different parties, 40 documents, 200 data elements and the rekeying of 60-70
A pain experienced firsthand by co-founders Ben Thompson and Brandon Boor while running their own trading company.
“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 for SMEs”, explains Ben Thompson Co-Founder IncoDocs
How does IncoDocs improve operations?
The IncoDocs platform offers a library of trade document templates with smart auto-fill, copy and compliance check features which allow users to easily manage their documentation processes with more efficiency and accuracy.
In the past 12 months IncoDocs has had more than 4,000 SME’s from over 100 countries join the platform looking to streamline their operations and transition to paperless trade. An achievement that impresses the new group of investors.
“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 for SMEs”, says Betty Yan Liu, Operating Partner at Maersk Growth.
IncoDocs plans to utilize funding by doubling down on engineering and product to further serve its growing user base. Part of this plan involves a custom template creator and a suite of new features for enhanced collaboration internally and across sectors in the supply chain. These are all key elements in IncoDocs’ roadmap.
“We see a future where every SME participates and thrives in global trade. This new round of funding and strategic support helps move us another step closer to this vision,” declares Co-Founder and CEO of IncoDocs, Brandon Boor.