MOST Ventures, together with the Turkish idacapital Acceleration Fund, has invested in a LogTech startup.

Navlungo, a technology company transforming the logistics industry, has announced the acquisition of strategic investments from venture funds idacapital and Kazakhstan’s MOST Ventures. The startup offers the market an online platform that enables companies and individual sellers to manage their freight transportation and warehouse operations through a single interface. The Turkish startup Navlungo is already actively operating in eight countries, including Uzbekistan.

Navlungo plans to use the raised funds to enhance its platform and expand its operations in the US and Central Asian markets. This year, the company launched its operations in Uzbekistan, bringing the total number of markets it serves to eight. Its future plans include expansion into Central Asia, Africa, and Middle Eastern countries. On its key market in the US, Navlungo has partnered with Beta Prep, resulting in an increase in shipment volume to four containers per month. In Turkey and the US, Navlungo has achieved a 95% warehouse occupancy rate, and the integration of its new warehouse management system has increased efficiency by 30%.

Additionally, the company announced the launch of its own e-commerce platform, Bringist, which now supports payment systems for users from Central Asia.

The startup is closing out 2024 with a number of impressive metrics. Revenue for the partial year, from January to September, amounted to $3.7 million, representing a 34% increase compared to the same period in 2023. By the end of 2024, monthly revenue is expected to exceed $530,000, and GMV in 2025 is projected to reach $100 million.

The transaction involved idacapital VC — Turkey’s first venture fund focused on Impact Tech startups — and MOST Ventures — a Kazakhstan-based fund investing in innovative companies in emerging markets.