Freight logistics company Freightos announced today the completion of a $44.4 million dollar Series C financing round led by Singapore Exchange (SGX). The round is joined by new and existing investors including General Electric Ventures, ICV, Aleph, and others.
The funds will be used to expand the company's online international freight marketplace. The company has raised $94.4 million to date.
Since its launch in mid-2016, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking, and communication. Leveraging data, technology, and a network of over 1,200 logistics providers, Freightos and its many business partners are transforming the global freight industry into a realtime, transparent, and digital industry.
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 most comprehensive and up-to-date container freight index in collaboration with the Baltic Exchange which is part of the SGX group.
Freightos CEO and founder Zvi Schreiber said, "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. 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."
Together with Freightos, SGX will explore the development of financial instruments to introduce the transparency, agility and risk-mitigation that other industries already enjoy, beginning with enhancements to the FBX container freight index shifting to daily reporting.
SGX head of derivatives Michael Syn 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."
Published by Globes [online], Israel business news - www.globes-online.com - on September 17, 2018
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