Freightos Global Online Freight Network Expanding with VC Investment
September 9, 2015
Freightos, the global online freight network, today announced the completion of a $14M Series B funding round. Existing investors Aleph, Annox Capital, ICV and OurCrowd were joined by MSR Capital and Sadara Ventures. This brings the total Freightos has raised to $23.3M, continuing the industry trend of increased venture investments in logistics. Over one billion dollars has been invested in the industry since the beginning of 2014.
Freightos identified the massive opportunity for a more automated global freight network, with B2B e-commerce having grown nearly 40% since 2013 and anticipated to be worth $6.7 trillion annually by 2020. However, the lack of instant, transparent international freight pricing causes millions of companies to overpay for logistics today.
Freightos has spent three years automating freight sales for some of the world’s largest logistics providers. Combining this extensive network with patent-pending big data pricing and routing, Freightos now enables real-time global freight pricing and booking for import/export companies on an international freight marketplace, currently in beta.
“Billion dollar supply chains in 2015 rely on decades-old technology for routing and pricing shipments. It’s time for change,” says Freightos CEO, Zvi Schreiber. “Agile supply chains require instant, transparent and optimized pricing. Our goal is to make it as easy to ship pallets and containers as it is to ship a book. Freightos makes the world smaller for big shipping.”
Freightos has developed technology that powers an extensive logistics network, including forwarders like CEVA Logistics, Hellmann Worldwide Logistics and dozens of others, as well as Fortune 100 import/export companies. Without Freightos, international freight quoting takes an average of 3 days. Managing tens of millions of price points, the Freightos Network has already generated 1.5 million instant freight quotes.