Logistics marketplace Freightos has raised $44.4 million in Series C funding, reports in TechCrunch said Monday (Sept. 17).
Freightos landed the investment led by Singapore Exchange, while General Electric Ventures, ICV and Aleph participated in the investment as well. In total, Freightos has raised $94.4 million, reports said.
The company began as a B2B price comparison site allowing companies to compare freight forwarders. Since its launch in 2016, Freightos expanded its feature set to allow businesses to actually book those forwarders, as well as manage and track shipments. Reports said the platform has more than 1,200 logistics service providers.
The new funding will be used to develop its own global infrastructure to further streamline the shipping and logistics process, founder and CEO Zvi Schreiber told the publication. The company also aims to reach more than one million freight quote requests per month, which are fueled by its own pricing and routing technologies.
The company also operates the Freightos Baltic Index, an analysis of industry pricing stats to provide greater transparency into logistics costs for the industry. Freightos said that it plans to expand that Index with the new funding, too.
“Nearly every major global industry, from jet fuel to livestock, leverages dynamic pricing based on real-time metrics to make smarter, automated decisions,” said Schreiber. “We’re excited to explore how our global freight index, the Freightos Baltic Index, can reduce pricing risks and improve stability, and are already exploring implementation with major multinational corporations.”
Other initiatives resulting from the Series C funding will be to add to its logistics partner base, particularly with airlines to sell cargo space on passenger flights, reports said, while Freightos is also planning a collaboration with the Singapore Exchange.
“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 Head of Derivatives Michael Syn said in a statement. “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.”
Last month Uber Freight launched its own platform allowing shippers to access a network of logistics providers and shipping management features.