Freight rate management SaaS platform Freightify raises $12 million in Series A round

Freight rate management SaaS platform Freightify has recently raised $12 million in a Series A round of funding led by Sequoia Capital India with participation from TMV and Alteria Capital.

The round also includes participation from previous investors Nordic Eye Venture Capital and Motion Ventures. The funding round involves a mixture of equity and debt.

Raghavendran Viswanathan, Founder & CEO at Freightify said, "We are planning to use the funds for further expansion into the Europe and US markets. We are also thinking about increasing our staff strength by at least 30 percent."

The company has previously raised $2.5 million in funding, bringing the total to $14.5 million raised so far.

Freightify is headquartered in Singapore, while its development center is located in Chennai and it has sales offices spread across Europe and the US.

Freightify’s SaaS platform allows freight forwarders to‍ procure, manage and quote freight prices in less than two minutes.

More than 200 freight forwarding companies in 45 markets globally have reportedly signed up to use Freightify’s platform since the business was founded in 2016

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