Investment fuels growth of Freightos’ global freight platform, connecting carriers and logistics providers with importers and exporters worldwide
Hong Kong – After powering smoother global freight for a thousand service providers and thousands of importers, Freightos announced today the completion of a US$44.4 million dollar Series C funding round, led by Singapore Exchange (SGX), to further scale the world’s largest online international freight marketplace. Since its launch in mid-2016, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking, and communication.
Leveraging data, technology, and an expansive network of over 1,200 logistics providers, Freightos and its many business partners are transforming the global freight industry into a realtime, transparent, and digital industry. Today, Freightos powers over one million instant freight quote requests every month, relying on over one billion rate data points and patent-pending routing and pricing engines. The Freightos global rate database also drives the Freightos Baltic Index (FBX), the world’s most comprehensive and up-to-date container freight index in collaboration with the Baltic Exchange which is part of the SGX group.
“From small freight forwarders to global carriers, and from niche e-commerce vendors to Fortune 500 retailers and manufacturers, Freightos means transparency, efficiency, and automation for supply chains,” said Zvi Schreiber, CEO and founder of Freightos. “The meteoric growth of the Freightos marketplace and success of our platform for freight rate management and digital sales, shows that importers and exporters are looking for radically better freight services, while carriers and forwarders are eager to deliver by leveraging technology.”
Together with Freightos, SGX will explore the development of financial instruments to introduce the transparency, agility and risk-mitigation that other industries already enjoy, beginning with enhancements to the FBX container freight index shifting to daily reporting.
“Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy. SGX is excited by the potential to develop risk management tools and services, and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”Michael Syn, Head of Derivatives, SGX
The round is joined by new and existing Freightos investors, including General Electric Ventures, ICV, Aleph, and others. Rothschild and Co. acted as sole financial advisor to Freightos for this round. To date, Freightos has raised US$94.4 million.
Freightos® makes global trade frictionless with the world’s online marketplace for the trillion dollar international shipping industry. The Freightos Marketplace helps importers and exporters reduce logistics spend and save time with instant comparison, booking and management of air, ocean and land shipments from top logistics providers. The result is international shipping that’s as smooth as booking a flight online.
Freightos also provides patent-pending technology that empowers carriers and logistics providers around the world to automate freight sales. Freightos AcceleRate™ and Freightos WebCargo™ power rate management, automated pricing, and online freight sales for over 1,000 logistics service providers and carriers, including multi-billion dollar companies like Panalpina and Nippon Express.
Freightos has accumulated the world’s largest global database of multimodal freight rates, providing industry transparency with the Freightos International Freight Index. Founded by serial entrepreneur Zvi Schreiber, Freightos is a logistics technology pioneer with a worldwide presence, and has raised $94.4 million from leading venture funds, including GE Ventures.
About Singapore Exchange
Singapore Exchange is Asia’s leading and trusted market infrastructure, operating equity, fixed income and derivatives markets to the highest regulatory standards. As Asia’s most international, multi-asset exchange, SGX provides listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore.
SGX is the world’s most liquid offshore market for the benchmark equity indices of China, India, Japan and ASEAN and offers commodities and currency derivatives products. Headquartered in AAA-rated Singapore, SGX is globally recognised for its risk management and clearing capabilities. For more information, please visit www.sgx.com.
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|Yee Kai Pin|
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