Freightos, a marketplace for logistics providers, announced today that it has raised a $44.4 million Series C led by Singapore Exchange. Returning investors including General Electric Ventures (the lead investor of Freightos’ Series B extension last year), ICV and Aleph also participated in the round, which brings Freightos’ total funding so far to $94.4 million.
Launched in 2016 as a price comparison service for freight forwarders—the agents that organize shipments from a supplier or manufacturer to their final destination—Freightos now also lets users book, manage and track shipments with more than 1,200 logistics providers.
In an email, founder and CEO Zvi Schreiber said its online freight marketplace will continue to be Freightos’ flagship product, but the company also wants to find ways to make the industry more efficient by building a global digital infrastructure.
The company claims to process more than one million instant freight quote requests each month using its patent-pending routing and pricing engines. Its database of global shipping rates also underpins the Freightos Baltic Index (FBX), an industry-specific index created to provide more pricing transparency.
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