Freightos raises $25 million series B extension funding
Freightos, the logistics technology company bringing freight online, has announced the completion of a US $25 million Series B extension round, led by GE Ventures, with participation by additional investors that bring the company’s total funding to $50 million.
The funds will be used to scale the Freightos Marketplace globally while continuing development of Freightos’ software suite of global freight pricing, routing, and sales automation.
Since its July 2016 launch, the Freightos Marketplace has grown exponentially, with a 600% increase in orders in the first six months, a 100% growth in Q1 2017 orders over Q4 2016, over 10,000 registered users, and dozens of sellers, including top twenty global freight forwarders.
“The age of digital logistics has arrived,” said Dr. Zvi Schreiber, founder and CEO of Freightos, “and with it easier importing and exporting for businesses worldwide. This once-neglected sector is ripe for digitization. Freightos’ unique technology enables instant freight routing and pricing for top forwarders worldwide. This same technology powers the Freightos Marketplace, where service providers can sell services online and import/export companies can compare, book, and manage shipments instantly. This capital raise will help to continue Freightos’ rapid expansion.”
Freightos technology already digitizes freight operations for over 1,000 logistics providers and global supply chain companies, including Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods. Continuing the company’s mission of transparency, the Freightos’ International Freight Index provides free global freight rates insights, a service that otherwise costs thousands of dollars.
“Logistics digitization is a strong strategic complement for General Electric’s role as the world’s leading digital industrial company,” said Jonathan Pulitzer, GE Venture’s Managing Director of Israel. “In just five years, Freightos technology has helped a thousand logistics providers operate more efficiently, while the Freightos Marketplace has shown fantastic growth and retention indicators.”
In August 2016, Freightos acquired WebCargoNet, a Barcelona-based technology provider of air cargo rate management and eBookings. Freightos global database of multi-modal freight rates is the largest of its type in the world, exceeding 300 million price points and growing by over 10 million price points every week. To date, the company has raised $50 million dollars and has 150 employees based in offices around the world.