Press Release – Jenson SEIS Fund Invest in Eteu Ltd
Jenson Funding Partners are delighted to advise they have completed an investment in eTEU Technologies Ltd, which is a technology platform that aims to improve efficiency of supply chain management for SMEs as well as to decrease administrative expenses in the maritime logistics industry.
The platform, which utilises DLT, allows seamless transition to paperless trade and enables fast, safe, reliable and cost-efficient processing of shipping documentation. In addition, it will enable the players to automate the process of document drafting, which is a big step forward in terms of preventing unnecessary delays for the entire shipping supply chain.
Eduard Oboimov, CEO of eTEU Technologies has a background in software development and business. He previously worked on helping the public and private sector organisations to digitise their processes and optimise the workflow. In addition, he also ran an e-commerce business where he was responsible for import operations from different countries.
Eduard commented: “eTEU was built to help the SMEs in the space of maritime shipping to ease some of the work processes that they are currently struggling with. Currently the process of filling out the documents and transferring them is a tedious and repetitive work, that is also costly for freight forwarders. This is especially the case for smaller freight forwarders in the industry, who might not be able to compete with the bigger players on the market due to lack of funds and technical capabilities required to develop custom software solutions which would allow them to digitalise their operations.
Today, maritime shipping plays the major role in international trade and with the COVID-19 virus as well as people staying at home, the shipping can only become more important with further pressure on the freight forwarding companies, including the small to medium sized ones. The industry is highly dependent on the correct formulation of trade documents – the drafting of said documents and their correct arrival influences the overall supply chain. When the documents arrive late, other processes within the industry cannot go as planned and will be delayed, which ultimate brings additional costs.
The maritime shipping companies need a solution that will digitise and automate documentation procedures involved in organising international shipment. eTEU provides a platform that helps the players to entirely digitalise the process of documentation management in international trade. Our mission is to support the SMEs in the industry by giving them tools that would allow them to digitalise the process of documentation management, automate documentation drafting and preparation and help to prevent delays for all members of international supply chain.”