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Based in Singapore, Belli develops artificial intelligence-powered air cargo software designed to optimize cargo acceptance, build-up, and real-time collaboration for airlines, airports, and ground handlers. The company provides a business-to-business software-as-a-service platform aimed at maximizing aircraft capacity utilization, addressing a specific global industry inefficiency where commercial flights typically operate with cargo holds that are 85 percent empty. Operating with a customer acquisition rate of approximately one new airline per month, the enterprise currently serves notable paying clients in the aviation and logistics sectors, including SpaceX and Etihad. The startup achieved financial breakeven within nine months of initial software development and recently secured a $2.3 million funding round from institutional investors such as Iterative Capital. Belli was founded in 2024 by Mohammed Waseem Malik and Jeff Pan, a former product executive at AirAsia and consultant at McKinsey.
Belli has raised $500K across 1 funding round.
Belli has raised $500K in total across 1 funding round.
# High-Level Overview
Belli is an air cargo software company that builds enterprise resource planning (ERP) systems to digitize and modernize airline cargo operations.[1] Founded in 2024 and based in Singapore with operations in Spain, Belli addresses a critical inefficiency in global aviation: airlines operate with approximately 85% of cargo hold capacity unused due to reliance on outdated legacy systems.[2] The company serves airlines, freight forwarders, and shippers by automating manual cargo terminal processes, enabling real-time collaboration, and providing online booking and payment capabilities.[1][5] Despite being a newly founded startup, Belli has already gained traction with 20+ airlines globally and onboards a new customer each month.[5]
The timing for Belli's entry into this market is particularly significant given the economic importance of air cargo—while it represents only 1% of global trade by volume, it accounts for 35% of global trade by value.[2] This massive value concentration in an underserved, technology-poor sector creates substantial opportunity for a modern software solution.
# Origin Story
Belli was founded in 2024 by Jeff Pan and Alex Khor, former consultants with deep expertise in airline cargo technology.[2] Both founders previously led software engineering teams at major technology companies—Pan and Khor worked at Booking.com, SpaceX, and Teleport (AirAsia's cargo division).[2] This background gave them firsthand exposure to the operational pain points plaguing the air cargo industry and the technical capability to build a solution.
The company gained early validation by winning the grand prize of €330,000 at the FutureTravel Summit 2024 in Barcelona on November 28, 2024, in a technology startup competition sponsored by Google Cloud, Simpleshow, and other major partners.[2][3] This award positioned Belli alongside other venture-backed cargo tech companies like cargo.one and WebCargo.[2]
# Core Differentiators
# Role in the Broader Tech Landscape
Belli operates at the intersection of two powerful trends: digital transformation of legacy industries and supply chain modernization. The air cargo sector has historically resisted technological disruption due to complex regulatory requirements, entrenched legacy systems, and the capital intensity of airline operations. However, the sector's massive value concentration (35% of trade value) combined with obvious operational waste (85% empty cargo holds) creates compelling economics for software-driven efficiency gains.
Belli is part of a broader wave of logistics and supply chain tech companies addressing digitization gaps.[1] The company's inclusion in CB Insights' Supply Chain & Logistics Tech and Artificial Intelligence expert collections reflects its positioning within the growing ecosystem of AI-driven operational automation tools.[1] As airlines face pressure to improve profitability and sustainability, software solutions that unlock cargo capacity without capital expenditure become increasingly attractive.
# Quick Take & Future Outlook
Belli is well-positioned to capture significant market share in a fragmented, underserved industry with clear unit economics. The founders' pedigree, early customer traction, and validation from prestigious competitions suggest the company has identified a genuine market need with a viable solution.
The key challenges ahead will be scaling customer acquisition across global airlines with varying legacy system architectures, navigating regulatory complexity in international aviation, and potentially expanding beyond cargo management into adjacent airline operations. If Belli successfully executes on its current trajectory—adding one airline customer monthly—it could establish itself as the category leader in modern air cargo software within 2-3 years, potentially attracting Series A funding to accelerate growth and geographic expansion.
Belli has raised $500K across 1 funding round. Most recently, it raised $500K Seed in February 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 1, 2024 | $500K Seed | — | Iterative, Plug & Play Ventures, Quona Capital, Wollef Ventures, Dileep Thazhmon, Javier Diaz Evans, Jonathan Wasserstrum | Announced |
Belli has raised $500K in total across 1 funding round.
Belli's investors include Iterative, Plug & Play Ventures, Quona Capital, Wollef Ventures, Dileep Thazhmon, Javier Diaz Evans, Jonathan Wasserstrum.
