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eTEU - the maritime shipping startup raises £150K

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by Startacus Admin

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Maritime tech startup eTEU secures investment of £150K to help with its development and future growth...

eTEU blockchainThe month of April 2020 will be written up in the history of eTEU as the laying of foundation for the future growth of the company. The startup and the team have been active since early 2019, and have participated in multiple programmes in the UK that have helped it shape the platform and tap into previously unreachable resources.

With the ongoing situation with COVID-19, employees in the freight forwarding sector have been working from homes, and thus creating the documents needed for the shipping process became even more complicated, as they need to be created one by one and then shipped physically by a representative of the company.

eTEU allows the people to instead work from home by digitising the process and automating the routine parts of the document creation. This feature enables companies to greatly increase their efficiency and helps eTEU support the freight forwarding companies in the times of the crisis and in the future.

The first feature that was developed for eTEU was the document transfer mechanism that allowed users to transfer shipping documents securely from one party to the next one through the blockchain protected system.

Today, the company has run a pilot with a freight forwarding partner in Eastern Europe and has been working hard on solving the issue of inefficient document creation in the industry by building a platform that allows the users to streamline the entire process from the very beginning to the end of the process of document creation and transfer.

eTEU data analysisEduard Oboimov, CEO of eTEU commented:

"Today maritime shipping plays the major role in international trade, however many companies are still struggling with digitising their work.

With the COVID-19 virus and people staying at homes, the shipping can only become more important with further pressure on the freight forwarding companies, especially the smaller sized ones.

Our mission is to support the SMEs in the industry by giving them tools that allow them to automate their work and prevent unnecessary delays."

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Published on: 11th May 2020

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