Why We Invested in Caspian: Turning Customs Complexity Into Cash

Caspian gives supply chain teams the tools to reclaim duties in the face of unprecedented tariff hikes

At Primary, the overarching theme behind our supply chain thesis is to invest in technology that reduces the cost of building a more durable supply chain. The biggest shocks that US supply chains face in 2025 are tariffs. The pressure supply chain leaders face to reduce tariff exposure is unprecedented and they have two options: 1) build out new networks in lower tariff zone countries, which is slow and difficult, and 2) engage in tariff mitigation through trade compliance strategies like drawback. 

With that as the backdrop, we’re thrilled to announce that we are leading Caspian’s $5.4 million seed round.

Caspian was founded by Justin Sherlock and Matt Ebeweber, a rare duo with deep expertise at the intersection of supply chain and fintech. They helped build Flexport’s lending arm into a billion-dollar business and now they’re applying that DNA to one of the most overlooked problems in trade: duty drawback.  

The refund no ops team has time for

Drawbacks have been law in the US since 1789, designed as an incentive to drive exports. Let’s say you import parts for a product you want to assemble, pay tariffs on those parts, and then export the finished product. You are entitled to receive a full refund for the tariffs you paid on the parts that ultimately got exported. At least $8B of drawbacks go unclaimed every year and that number is skyrocketing. The Treasury Department reported that the US has collected $99B from tariffs this year as of July 6, which is 110.5% more than the same period last year. We estimate that roughly 10% of duties collected by customs are eligible for drawback. The drawback process is buried under fragmented data, broker dependency, and a sea of PDFs. Most teams simply don’t have the tools or the time to act on it.

Caspian automates the process to make drawbacks easy:

• It connects directly to ERPs, WMS, and customs data

• Uses GenAI to extract, match, and structure claims

• Files with U.S. Customs, tracks progress, and handles audit logs

The result? Weeks instead of months. No spreadsheets. No guessing. Just clean data, fast refunds, and clear visibility.

The wedge into a broader trade control layer

Duty drawback is a uniquely compelling entry point to the broader problem of trade compliance. To process a claim, Caspian captures SKU-level import and export history, duty rates, tariff classifications, and supplier data–a real-time map of global trade.

That visibility unlocks far more than refunds. Caspian is positioned to help operators optimize landed costs, forecast duty exposure, and proactively respond to tariff changes. As international supply chains become more volatile, this kind of intelligence becomes indispensable and a core pillar in our supply chain durability thesis. 

With rising protectionism, 301 tariffs, and compliance scrutiny from CBP, Caspian is meeting the moment. We led this round because we believe it will become a cornerstone of operational infrastructure for any company moving goods across borders.