Customs4trade (C4T) (www.customs4trade.com), creators of a comprehensive customs and trade compliance platform, announced that they have raised an additional € 3 million in equity funding, bringing the total investment in C4T from € 2 million to € 5 million within 12 months.
This latest round of financing was led by the French venture capital firm Hi Inov (www.hiinov.com) with the participation of their first investors, Munich-based B2B specialist 42CAP (www.42cap.com) and 10x Group (www.10x.group). As part of the investment agreement, Hi Inov Managing Partner Wolfgang Krause will join the C4T board of directors. Funding will be used to put C4T on the map for customs and trade solutions and services with accelerated customer growth in the European market.
“We recognise there is a huge market potential for Customs4trade’s solution and are excited to invest in their success,” commented Wolfgang Krause. “Private sector companies spend huge amounts of time and money to file customs declarations with semi-automated processes. With their CAS solution, C4T is strongly positioned to help these companies fully integrate and automate all customs flows within the EU. Moreover, C4T has a great team with an incredible industry knowledge.”
C4T’s Customs Accounting System (CAS) is a unique concept in the customs community—a centralised platform that manages the complex mechanics of customs legal requirements and integrates with an organisation’s ERP or WMS, allowing them to share data, automate customs procedures, and manage customs compliance via a straightforward user interface. CAS stemmed from C4T CEO Pieter Haesaert’s belief that the only way businesses could shift from reactive to proactive mode with regards to customs was to abandon the time consuming, error-prone manual processes in favour of technology. He promised himself to transform customs management from a cost centre to an organisational epicentre of information, supporting growth and global expansion. This is what still drives the work at C4T today.
In December 2018, C4T secured Series A financing from 42CAP and 10x group, allowing them to further grow the company and its solution. Visibility and analytics are now available through the CAS Insights module, customs duty savings can be easily identified and achieved through CAS Special Procedures, and clients have the ability to share data with business partners seamlessly. C4T has implemented fast onboarding and configuration, continues to integrate with more and more customs authorities such as their most recent integration with French customs, Brexit flows are readily available, and the C4T team is incorporating machine learning to ensure a higher level of compliance and make CAS better every day.
CAS is a one-source-code, multi-tenant, multi-country customs management solution, built on Microsoft Azure. The offering is uniquely complemented with various managed and expert services to ensure an all-in-one approach for customs compliance in various EU countries.
Since the CAS solution tracks and manages interactions between companies, the respective customs authorities, business partners, and third parties, it enables companies to save precious time while processing data via fully automated processes. In addition, it allows the application of various special procedures that impact a company’s bottom line. C4T offers the CAS solution with full service-level agreement (SLA) support.
C4T has established partnerships with the World Customs Organisation (WCO) Academy, International Chamber of Commerce in Belgium (ICC Belgium), and Microsoft. In addition, their SaaS solution was recognized in the latest “Gartner Market Guide for Global Trade Management Software,” published on July 10, 2019, as a Representative Vendor in Global Trade Management — Compliance Focus.
C4T works with a wide range of customers, from multi-national names to smaller companies, each one providing valuable contributions that help improve their solution and services. Their international team has grown to more than 40 employees strong, building on a company culture that is passionate about developing excellent customs and trade solutions. Their story is fuelled by an inspiring work environment which cherishes innovation and creativity while maintaining balance through a corporate running program and healthy surroundings.