Lithuanian startup GoRamp attracts investment to expand

GoRamp has attracted an investment of €1.5m from international venture capital funds and the community of business angels/founders from companies including UPS, Shopify, Infoscout. The investment will be used mainly to expand its sales and marketing team for the Western Europe and US markets.

GoRamp, which has been actively operating for three years in the market, has a SaaS solution, which enables manufacturing, retail and production companies digitise their logistics operations through sourcing, planning and monitoring transportation shipments. According to the data provided by GoRamp clients, the system eliminates 70% of operational work, increases 20% of warehouse loading efficiency and decreases logistics costs by up to 25%.

Its CEO/CoFounder Jevgenij Polonis says that the quarantine reality has prompted the scale of the business to Western European markets. “Transportation volumes of production and trade companies have grown drastically during the lockdown and the resources required to meet customer needs had shrunk and continue to shrink. Carrier costs are rising, and warehousing capacities are being exceeded.

“We hear continuously that manufacturing and trading companies experience a never-ending Christmas rush. When capacity expansion is no longer possible, then operations have to be streamlined and more has to be done with the same resources. Digital solutions are irreplaceable and our solution helps customers eliminate more than two-thirds of operational manual labour, save time, streamline supply chain operations and do up to twice as much work with the available resources.

“We see that the demand for our product in the is growing because of more attention to sustainability and digitalisation of manufacturing companies. That’s why timing for aggressive expansion being first-movers is more than perfect.”

In 2021, GoRamp’s business volumes tripled. Now the Lithuanian company operates in 18 different countries not only in Europe, but also US, Canada and Australia. The number of GoRamp customers grew by 250% and the company is already trusted by leading worldwide names including Pfizer, Thermofisher Scientific, Continental, Mondelez, Storenso, and others.

Among GoRamp customers, there are businesses operating in the sectors of manufacturing, pharmaceutical, automotive, wood, furniture, metal, energy, and plastics.

The investment will be targeted to increase business volumes in Europe , where product sales are already showing promising results (the UK, Benelux, Poland, Germany) and to enter new markets (France, Spain, Italy) and gain more traction in US region.