Freightos, focused on international shipping and online marketplaces, said early Wednesday (March 29) that it had received $25 million in financing through a round led by GE Ventures.
The total raised to date, Reuters said, comes to $50 million. Past investors in the firm, stated the newswire, have included Sadara Ventures, which commits capital to the Palestinian high-tech sector, and MSR Capital, which is based in Malaysia, among other firms.
Freightos, for its part, has an R&D center based in Ramallah and headquarters based in Jerusalem. In its relatively short lifespan, since an official July launch in 2016, the firm has stated that its Freightos Marketplace had seen a doubling of orders as measured in the first quarter of this year over the previous quarter among a user base that spans 10,000 subscribers. The operations center on import and export companies as they manage the logistics of their shipments. Management has said that capital will be used to fund expansion efforts.
And as noted at around the time of that launch, in an interview with PYMNTS and as part of the Cross-Border Tracker, CFO Andrew Fine said that Freightos, by helping to eliminate the literal paper trail of shipping and transition logistics to software as a service, streamlines the process of quoting (and acceptance of those quotes). Among the firms using the Marketplace are Nippon Express and Sysco Foods. In August of last year, Freightos bought WebCargoNet, which handles e-bookings and air cargo rates.