Freightos raises $44.4 million Series C funding
September 18, 2018: Singapore-based online international freight marketplace Freightos has raised $44.4 million dollar Series C funding led by the Singapore Exchange (SGX).
September 18, 2018: Singapore-based online international freight marketplace Freightos has raised $44.4 million Series C funding led by the Singapore Exchange (SGX).
With this round, Freightos has raised a total funding to the tune of $94.4 million, with participation from SGX, General Electric Ventures, ICV, Aleph, and others.
The company said it intends to utilise the funds to scale its online freight marketplace.
Launched in mid-2016 by Zvi Schreiber, Freightos provides a global online freight marketplace featuring price comparison, instant booking, online shipment management, tracking, and communication tools.
Leveraging data, technology, and an expansive network of over 1,200 logistics providers, Freightos and its many business partners aim to transform the global freight industry into a realtime, transparent, and digital industry. In July, Freightos announced its partnership with Lufthansa Cargo. The combining of Freightos WebCargo and Lufthansa Cargo’s application programming interface (API) services, is enabling forwarders to instantly look up contracted rates, assess capacity and book cargo on specific flights in real-time.
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.
Meanwhile, 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.”