Forto raises $240M in funding round led by Softbank, taking its valuation to $1.2Bn

Freight technology startup, Forto, which we most recently covered when it raised $50 million late last year, is upping the stakes.

It's now raised $240 million in a round led by Softbank Vision Fund 2 to expand its trade shipments between China and Europe. Forto manages shipping containers from origin to destination. Softbank is also hedging its bets after investing in China's Full Truck Alliance (YMM.N), which plans a $20 billion IPO.

That means Forto's valuation close to $1.2 billion, after it's raised a total of $360 million. Also participating in the round were new investors Citi Ventures and G Squared. Existing investors including Northzone, Cherry Ventures and Unbound also took part, Forto said.

German logistics startups are proliferating. Trucking specialist Sennder, a digital road freight forwarder, raised $160 million in Series D financing earlier this year.

Forto says it has 2,500 clients, including Home 24 and German supermarket chain Edeka, and ships up to 10,000 containers a year by sea, rail and air.