eTEU

eTEU operates a software-as-a-service platform that digitises international trade and shipping documentation, with a focus on the electronic bill of lading (eBL), the document of title for cargo. Users generate documents from pre-set or custom templates, upload their own files, sign them with cryptographic keys, and transfer electronic originals to counterparties, with transfers recorded on a blockchain network to create an immutable audit trail. The platform includes a "Masterfile" feature that auto-populates document fields, a drag-and-drop template editor, and a document library containing HS codes, sea port data and templates for invoices, packing lists, bills of lading and certificates, plus storage of past shipments and their documents for repeat use.

The company positions the product as usable without installation, citing onboarding in about five minutes, and targets freight forwarders, shipping lines and logistics companies. eTEU states that its eBL platform is approved by the International Group of P&I Clubs and that documents issued on it are legally binding and compliant with MLETR and DCSA standards. Management has described the platform as saving over 80% of the time spent on documentation management during a shipment, and frames the broader problem as more than $200 billion a year in administrative overheads caused by paper-based processes.

The company was reported as launched in 2020 by Eduard Oboimov, Mykhaylo Lepekha, Valentyn Kutateladze and Kristian Volohhonski, and is registered as eTEU Technologies Ltd, based in London.

Founding story

eTEU was founded by a team combining shipping and technology backgrounds: CEO Eduard Oboimov previously managed software development projects in the government and private sectors and ran import operations from more than 20 countries as co-founder of an e-commerce business; COO Kristian Volohhonski came from an international management consulting firm; CBDO Valentyne Kutateladze worked in project development at Black Sea logistics hub Terminals TIS Group on deals with DP World, Maersk and Cargill; Head of Sales Mykhaylo Lepekha worked in freight forwarding sales and as deputy director of the economic department at the Ukrainian state-owned seaport Yuzhniy; and CTO Markkus Millend is a cyber security engineer who moved into blockchain work with early-stage companies in Estonia and the wider EU.

Business model

eTEU sells access to its document generation and transfer platform on a subscription/package basis, with pricing quoted per bill of lading. Published tiers are a Basic package at $10 per bill of lading covering up to 20 eBLs with basic support, an SME package at $8 per bill of lading for up to 200 eBLs with dedicated support, customisable templates and custom integrations, and an Enterprise package at $1 per bill of lading with unlimited eBLs, dedicated onboarding and account management, custom templates and workflows, and a customised monthly subscription fee based on usage.

Per-document pricing for electronic bills of lading combined with packaged plans, and for enterprise customers a customised monthly subscription fee scaled to individual needs and usage volume.

Traction

Published customer testimonials come from CS Conti-Service, Supramarine, Ukraine Export Group and Metagistics. A case study describes freight forwarder Marline using the platform to ship titanium sponge with instant eBL access and transfer, and a further pilot case study covers an unnamed shipping line under NDA. The company was named among the technology firms consulted during the development of the UK Electronic Trade Documents Act 2023.

Latest developments

In February 2023 eTEU announced a six-figure pre-seed round led by Jenson Funding Partners with Larix Equity, Pinto Ventures and angel investors, earmarked for the commercial launch of its electronic bill of lading service for shipping and freight forwarding companies. The company subsequently published analysis of the UK Electronic Trade Documents Act 2023, which received Royal Assent on 20 July 2023, and markets its eBL platform as approved by the International Group of P&I Clubs.