Why We Invested in Caspian: Turning Customs Complexity Into Cash

At Primary, we’re always looking for overlooked workflows that quietly control billions in value—and companies poised to rewire them.

That’s why we’re excited to announce that Primary has led the $5.4 million seed round for Caspian, a company bridging two worlds we care deeply about: tools to help finance teams make better decisions and optimization of global operations. Caspian is modernizing the customs refund process—starting with duty drawback—and in doing so, building the foundation for a much larger platform.

Led by Justin Sherlock and Matt Ebeweber, the Caspian team brings deep customs experience and rare product execution. They helped build Flexport’s most profitable internal tools, and now they’re applying that playbook to an even broader opportunity: unlocking cash, data, and control for companies buried in customs complexity.

The missing layer in finance and logistics

Every year, U.S. importers pay over $110 billion in duties. If those goods are exported, they’re often eligible for refunds. But the system to reclaim those funds—called duty drawback—is wildly outdated. Legacy providers are expensive, opaque, and slow. The process is manual, broker-dependent, and time-consuming.

As a result, more than $10 billion goes unclaimed each year. Caspian is fixing this.

Its software connects to ERPs, shipping systems, and customs data sources to:

• Extract and match documentation
• File compliant claims with U.S. Customs
• Track and nudge for future refunds

The result is a seamless flow of savings—with auditable, real-time insight into landed costs, refund status, and tariff exposure.

Why we led the round

What makes Caspian compelling isn’t just the refund—it’s the data. Drawback is the wedge. From there, Caspian can expand into classification optimization, filing analytics, and eventually a comprehensive trade control layer. Over time, we believe this platform can become the Moody’s of trade compliance, using AI to structure and act on customs data across borders.

We led this round because Caspian is solving real pain with real urgency. Early customers like Pakt Bags, UltiMaker, and Sunday Golf are recovering 6-figure refunds in a matter of weeks. The founding team has lived the problem and built for it before. And the macro landscape—from CBP enforcement to global tariffs—is making this issue more urgent every day.

Caspian gives both finance and ops teams a way to stop leaving money on the table—and start turning customs data into an asset.