Online Travel Leader Joins Freightos In Automating Trillion Dollar Freight Industry
October 29, 2014
Freightos, the global online freight network, today announced the completion of a $4.6 million Series B funding. The series was led by Aleph and ICV, with follow on investment from OurCrowd.
Global trade has expanded by 400 percent in the past two decades, supported by a trillion dollar cargo industry. However, the technologies used to price and sell freight services have barely changed. The average international shipment price quote takes three days and about half of all companies are dissatisfied with their freight vendor’s IT capabilities.
“Freightos is poised to revolutionize the trillion dollar freight industry, introducing the same efficiency and transparency that Priceline brought to consumer travel”, said Mylod. “While the freight industry is inherently complex, Freightos’ innovative platform can vastly improve the global freight quoting process and introduce significant savings to global supply chains.”
Mylod played a major role in transforming the Priceline Group into one of the most profitable and valuable tech companies in the world. Currently a director of Dropbox, Everbank and Redfin, Mylod has proven expertise in identifying innovative, industry-shaping companies and guiding them to broader global implementation. Companies acquired by Priceline during Mylod’s tenure account for the majority of the Priceline Group’s profit.
Mylod joins the $7.6 million round, funding the company’s vision of bringing international freight online with automated pricing and booking. Other investors in the round include Aleph, ICV and OurCrowd.
“Almost $19 trillion dollars of goods were imported/exported in 2013. That’s a growth of 5X compared to 1990. But the technology of the cargo industry hasn’t changed at the same pace,” said Zvi Schreiber, CEO of Freightos. “Freightos is automating freight sales and bringing it online. Importers and exporters are people who buy clothing, electronics and food online in seconds – they shouldn’t wait days for freight price quotes, with inaccuracies that drive up shipping costs.”
Freightos has successfully automated the routing and pricing of freight including all the intricacies of ocean, air, and land transportation. With Freightos, freight forwarders can quote instantly for even the most complex routes. Freightos provides dozens of leading global freight brokers and major import/export companies around the world with automated rate management and quoting solutions, leveraging big data technology to generate instant, door-to-door freight quotes in seconds. The result is a proven 12X return on investments (ROI) in months.
As the backbone of international supply chains, the spotlight on logistics technology companies continues to increase. Global investments have grown to over $1.8 billion dollars invested in logistics startups in Q1-Q3 2014, a figure that has increased by a factor of almost 12 since 2012.