Freightos completes $44.4 mn Series C funding
Freightos, a Singapore-based online international freight marketplace has completed a US$ 44.4 million dollar Series C funding round, led by Singapore Exchange (SGX). Since its launch in 2016 by Zvi Schreiber, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, trac
Sep 18, 2018: Freightos, a Singapore-based online international freight marketplace has completed a US$ 44.4 million Series C funding round, led by Singapore Exchange (SGX). Since its launch in 2016 by Zvi Schreiber, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking, and communication.
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 Freightos Baltic Index (FBX) container freight index shifting to daily reporting.
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 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.
Zvi Schreiber, CEO and founder of Freightos said, “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.”
Michael Syn, head of derivatives at SGX, said, “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.”
Till date Freightos has raised US$94.4 million, with participation from General Electric Ventures, ICV, Aleph, SGX and others.
With digital connectivity introduced by Freightos WebCargo and Lufthansa Cargo’s application programming interface (API) services, later this year, forwarders can instantly look up contracted rates, assess capacity, and book cargo on specific flights in real-time, via the world’s leading air cargo platform for forwarders.
Freightos WebCargo has the world’s largest air cargo rate database and now enables real-time pricing, capacity and eBooking for few airlines with the necessary digital capabilities.