Hong Kong-based Freightos says it has gained a further US$14m worth of funding for its automated global freight network.
Existing investors Aleph, Annox Capital, ICV and OurCrowd have been joined by MSR Capital and Sadara Ventures in a Series B funding round, bringing the total raised to $23.3m.
Freightos says it has identified a “massive opportunity” for more automated global freight, but the lack of transparent international pricing means that millions of companies are currently overpaying for logistics.
It has automated freight sales for some of the world’s largest logistics providers including CEVA Logistics, Nippon Express and Hellmann Worldwide over the past three years and can now offer a beta version of its real time global freight pricing and booking system.
Chief executive, Zvi Schreiber said: “Billion dollar supply chains in 2015 rely on decades-old technology for routing and pricing shipments. Our goal is to make it as easy to ship pallets and containers as it is to ship a book.”
Freightos says it has already generated 1.5m instant freight quotes.
