Hong Kong registered online booking portal Freightos has raised $25m in funding from a group of investors led by GE Ventures.
The logistics technology company has announced the completion of a $25m Series B extension round which, it said, would bring the company’s total funding to $50m.
The funds will be used to increase the Freightos global marketplace and continue development of its suite of global freight pricing, routing, and sales automation software.
Since its July 2016 launch, Freightos Marketplace orders have increased 600%, said the company, and there are now over 10,000 registered users, including top 20 global freight forwarders, and dozens of sellers. Clients include including Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods.
Founder and chief executive, Dr Zvi Schreiber, said: This capital raise will help to continue Freightos’ rapid expansion.”
He argued: “The age of digital logistics has arrived, 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.”
He added that the same technology powers the Freightos Marketplace, where service providers can sell services online and import/export companies can compare, book, and manage shipments instantly.
GE Venture’s managing director of Israel, Jonathan Pulitzer, added: “Logistics digitisation is a strong strategic complement for General Electric’s role as the world’s leading digital industrial company. 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 Barcelona-based air cargo rate management and eBookings company WebCargoNet.
