40Seas, an innovative fintech platform for cross-border trade financing, has raised $111 million for cost-effective financing framework for SMEs. The company's $11 million seed funding round, led by Team8 with participation from ZIM, is complemented by a $100 million credit facility from ZIM. The credit could go up to $200 million.

"Given today's harsh macroeconomic conditions, now more than ever, SMEs need easy access to financing to have the best chance of survival. 40Seas wants to drive a sea change in how companies access finance, with a unique solution that makes life easier for importers and exporters, serving both directions of a cross-border trade." Eyal Moldovan, Co-founder and CEO, 40Seas

"With our significant investment in 40Seas, we continue to advance disruptive technologies to promote digital innovation in the shipping industry while developing additional streams of revenue that complement our core shipping business. Importantly, with this strategic cooperation, 40Seas will be able to leverage ZIM's in-depth knowledge of cross-border trade and our close relationship with the market and global SME customers." Eli Glickman, President and CEO, ZIM