Global online freight network company Freightos has raised $4.6 million in Series B funding. The financing was led by Aleph and Israel Cleantech Ventures (ICV) and included a follow-on investment from OurCrowd.
Freightos serves the needs of international shipment companies most of whom are dissatisfied with their freight vendors' IT capabilities.
Freightos CEO Zvi Schreiber said, “We saw an opportunity to dramatically change an industry - and for us, nothing is more exciting. Freightos empowers supply chain companies to demand instant, all-inclusive price quotes for moving cargo from points A to B to C. We are bringing freight vendors into the 21st century with web technologies and big data algorithms to automate and expand their business.”
Over the past year Freightos has been adopted by dozens of multi-national and independent freight forwarders. The start-up helps them increase sales and shippers are given faster service and more choices to optimize their supply chain. By providing transparency into routes and modes and avoiding the current system of underutilized vessels and inefficient lanes, freight vendors and shippers may utilize Freightos to increase their efficiency and reduce their carbon footprint.
"Freight is the backbone of the global economy but its technology has not scaled with the industry," said Glen Schwaber of ICV. "The Freightos B2B networking and automation vision is one of connectivity and transparency that promises to make the freight world faster, more efficient and more eco-friendly than ever before."
“Networked software and big data are going to transform many industries in need of radical evolutions to service 21st century customers,” said Aleph founding partner Michael Eisenberg. “We invested in Freightos because we believe the freighting industry deserves this transformation. The synchronous network and automated services Freightos offers will bring internet speed and enable ‘economies of networks’ which we can’t even fully imagine today.”
Published by Globes [online], Israel business news - www.globes-online.com - on March 26, 2014
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