Online marketplace Freightos raises $44.4M in Series C funding
Sep 18, 2018: Online freight marketplace Freightos has completed a $44.4 million Series C funding round, led by Singapore Exchange (SGX).
Since its launch in mid-2016, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking, and communication.
Freightos and its many business partners are transforming the global freight industry into a real time, transparent, and digital industry. Today, Freightos powers over one million instant freight quote requests every month, relying on over one billion rate data points and patent-pending routing and pricing engines.
The Freightos global rate database also drives the Freightos Baltic Index (FBX), the world’s most comprehensive and up-to-date container freight index in collaboration with the Baltic Exchange which is part of the SGX group.
“From small freight forwarders to global carriers, and from niche e-commerce vendors to Fortune 500 retailers and manufacturers, Freightos means transparency, efficiency, and automation for supply chains,” said Zvi Schreiber, CEO and founder of Freightos.
“The meteoric growth of the Freightos marketplace and success of our platform for freight rate management and digital sales, shows that importers and exporters are looking for radically better freight services, while carriers and forwarders are eager to deliver by leveraging technology.”
To date, Freightos has raised $94.4 million.
Together with Freightos, SGX hopes to explore the development of financial instruments to introduce the transparency, agility and risk-mitigation.
Michael Syn, head of Derivatives at SGX, said, “Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy. SGX is excited by the potential to develop risk management tools and services, and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”
The round is joined by new and existing Freightos investors, including General Electric Ventures, ICV, Aleph, and others. Rothschild and Co. acted as sole financial advisor to Freightos for this round.