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Smart Data Services, a business of Fagor Electrónica, and Mondragón Group entered the shareholding of ChainGO startup.

ChainGo, the startup that develops software solutions for the logistics industry based on the blockchain technology, and Fagor Electrónica sign a shareholder agreement.

Smart Data Services, from Fagor Electrónica, with more of 20 years of experience in the sector of transport and logistics through its solutions FlotasNet®, Ubika and SmartDataCar has become part of the ChainGO startup, participating in the funding round that ChainGo has successfully closed with a total investment of 950.000€.

Smart Data Services business of Fagor Electrónica offers different software solutions of logistics management and transport that help companies to optimise their logistics processes and make their logistics operations profitable. FlotasNet® is a fleet management solution focused on goods and passengers transport fleets; Ubika is a control platform of the whole supply chain to give visibility and control to the loaders and manufacturers; finally, SmartDataCar is a connected vehicle solution for the automotive sector, renting companies, vehicle assemblers, etc.

“For Fagor Electrónica it is a big opportunity to become part of the working group of ChainGo, since the first moment there was a good feeling between both companies, and we also have established a strategic agreement aimed to develop synergies between our products, especially with Ubika; we think we can learn a lot from the team of ChainGo.” Says Marcos Sánchez, Business Director of Smart Data Services of Fagor Electrónica

ChainGO is supported by accelerators such as Lanzadera, Airbus Bizlab and Órbita, has developed and commercialized a collaborative online platform that facilitates the exchange of documentation, information and communications between different participants in the supply chain involved in an export/import process. Thus achieving significant reductions both in the time taken to manage these operations and their economic cost. This new investment process is a great boost to its activity, so the goal of ChainGO is to open its borders and seek to position itself at a European level and also in the United States, maintaining its presence in the national market.

“It is a great pleasure to be able to conclude successfully this round of investment which is so important for the future of ChainGO. Counting with the support of companies with a big experience in the logistics and goods transportation sectors is, no doubts, one of the best news we will not doubt in asking for their guidance and advice when necessary”, explains Andrés Garrido, CEO and co-founder of ChainGO Tech. 

Fagor Electrónica is supported in this investment by the Promotion Centre of the Mondragon Group, which, through the corporate financial vehicle, the Mondragon Promotion Fund, managed by Clave Capital, has made this investment possible. “For us, from the Promotion Center of the Mondragon Group, it is very important to identify business opportunities that can help our Group companies to develop their current and future business, and in this sense, in ChainGO we saw a perfect ally for Fagor Electrónica.” Says Santiago Mendirichaga, from the Mondragon Group´s Promotion Centre. 

Clave Capital highlights “the intelligent use that ChainGO has made of the Blockchain technology and the Smart Contracts in its ChainGO Freight platform, capable of making the whole supply chain very efficient and traceable in the complex export/import operations can bring a lot of value to Fagor Electrónica”, according to Alberto Bermejo Urieta, Investment Director in Clave Capital.


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