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Updated: 10/2018

ChainGo

Spain / Madrid , Spain / Website

05/2017 Angel Seed
B2B Logistics & Supply Chain Transportation Big Data & Analytics Blockchain SaaS
  • Pitch

    Blockchain logistics pioneer ChainGo will help fuel the US$1-trillion growth in global trade by facilitating more efficient flow of documents across borders.

  • Why

    • Cumbersome bureaucratic paperwork

      Time-consuming paperwork causes inefficiency and delays in many types of businesses.

    • Costly procedures

      Tedious document processing takes about 10 days and accounts for 20% of transport costs.

    • Inefficient manual systems

      Delays and errors occur when complex documents are processed manually.

  • Market

    US$15.5 trillion

    The predicted value of the global logistics market in 2023.

  • Product

    ChainGo's Ethereum-powered platform digitizes all paperwork to facilitate the efficient flow of paperless documentation throughout the supply chains. Blockchain guarantees the authenticity and transparent tracking of all documents because each party independently creates its own unique documents and data to form the links in each chain.

  • Founders

  • Investors

  • Journey

    • 2016 - ChainGo blockchain logistics idea started as an MBA project in Madrid.

      • The Launch

        Andrés Garrido Piñero and Jordan Sorensen started developing the idea of blockchain logistics while working on an MBA project together at IE Business School in Madrid.

        • Business development executive Pilar Troncoso joined as co-founder and advisor of ChainGo project in March.
        • Co-founders spent a year validating the concept and approached industry experts and logistics CEOs who showed interest in the blockchain system.
        • Their networking enabled them to reach out to CEOs and industry experts within the ocean freight sector to get feedback and validate the blockchain ideas.
    • 2017 - First funding round was secured; started pilots to validate MVP; established ChainGo Tech SL.

      • Fundings

        April, ChainGo Tech SL received a mix of international and local investors who also took part in the first funding round during the year.

        • Investors included Carex Logistics, an industry leader in Spain and and German-Cypriot company Marin Holding involved in Maritime logistics.
        • Other investors were: family fund Los Riscos de Pedrique based in Madrid and Grupo Cosimet that exports metallic components in Europe.
        • Some of these investors had participated in the project validation phase in 2016, and had previously explored blockchain applications in their businesses.
      • Products and services

        ChainGo partnered with two Spanish port authorities to test the Ethereum logistics platform.

        • Pilot projects started with Port of Valencia and Port of Algeciras to test various blockchain applications.
    • ChainGo is currently running a proof-of-concept at Mahou San Miguel, one of Spain's biggest beer producers. The aim is to digitalize most of the beer producer's operations. The collaboration with ChainGo will enable the company to integrate the blockchain platform across the whole value chain.

      ChainGo was selected as one of the 100 finalists at the South Summit 2018 in October. In the same month, the company also attended the 7th edition of SALT2018, the transport and logistics fair held in the Canary Islands. In 4Q18, the startup's investor Carex Logistics announced that it will implement the ChainGo technology in all domestic and international operations. 

    • ChainGo expects to run five pilot projects by the end of 2018. The commercial launch of its first product is planned for 2Q19. The blockchain platform will also be adapted and expanded to include land and air transportation, covering the full spectrum of logistical solutions. 

  • Business Model

    ChainGo's business model is to provide customers with SaaS solutions that can be monetized through a pay-per-usage model and the reselling of licenses. The company also partners with port authorities to establish a transparent and secure system to improve the overall management and handling of cargo.

    B2B SOLUTION

    Currently in the pilot phase, ChainGo is targeting B2B clients in the maritime sector. The blockchain business model can be replicated across diverse logistics sectors and can also be adapted for other types of businesses like construction and transportation.

    PARTNERSHIPS

    ChainGo is working with the Port of Valencia and the Port of Algeciras to test its Ethereum platform to create a paperless documentation flow, exchange and verification processes along the supply or logistics chain. The Port of Algeciras is one of the biggest ports in Spain, handling most of the international trade in southern Europe. The proof-of-concept of such partnerships will be crucial to the launch of ChainGo products and services, business development and expansion.

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