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Freightos gets another US$25 million for SaaS platform

HONG KONG: March 29, 2017. Logistics technology company Freightos has completed a US$25 million investment round led by GE Ventures to scale its online marketplace and continue development of its software suite of global freight pricing, routing and sales automation.

The company said it has received a total of US$50 million in funding for its software-as-a-service (SaaS) platform since its launch in July 2016. Additional investors include Aleph VC, Annox Capital, Gold Lion Holdings Limited, ICV, Master (HK) Toys, MSR Capital, OurCrowd and Sadara Ventures.

sysco-truckThe SaaS platform enables forwarders construct multimodal freight quotes for shippers and the company says it now has 10,000 registered users including 1,000 logistics providers.

With a global database of multi-modal freight rates exceeding 300 million price points, company customers include Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods.

Commenting on the new investment, GE Ventures managing director Jonathan Pulitzer said logistics digitization is a strong strategic complement for General Electric: "In just five years, Freightos technology has helped a thousand logistics providers operate more efficiently, while the Freightos Marketplace has shown fantastic growth and retention indicators."

Founder and CEO Zvi Schreiber added the "once-neglected" area of logistics is ripe for digitization. Last year his company acquired WebCargoNet, a Barcelona-based technology provider of air cargo rate management and eBookings to expand its ocean and truck rate database.

Freightos has offices in the U.S. Germany, Israel and Palestine.

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