Singapore exchange leads $44.4 million round, backing Freightos’ global freight platform

Freightos, an online freight marketplace founded two years ago, announced today the completion of a $44.4 million dollar Series C funding round, led by Singapore Exchange (SGX), to further scale the world’s largest online presence. Since its launch in mid-2016, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking, and communication.

The company’s strategy is to leverage data, technology, and its network of over 1,200 logistics providers to usher the industry into a real-time, transparent, and digital arena.

The Freightos global rate database also drives the Freightos Baltic Index (FBX) in collaboration with the Baltic Exchange –  which is part of the SGX group.

Zvi Schreiber, CEO and founder of Freightos said in statement that the “meteoric growth” of the Freightos marketplace and success of its platform for freight rate management and digital sales demonstrates that importers and exporters are looking for radically better freight services, while carriers and forwarders are eager to deliver.

In an interview, Schreiber added that this deal will likely add to the strength Freightos already enjoys in global shipping.

“We have been able to assist both ocean and air cargo shippers gain more insight on sudden shifts in pricing and capacity,” he said. “That’s a function we can continue to build upon.”

Together with Freightos, SGX will explore the development of financial instruments to introduce the transparency, agility and risk-mitigation that other industries already enjoy, beginning with enhancements to the FBX container freight index shifting to daily reporting.

The round is joined by new and existing Freightos investors, including General Electric Ventures, ICV, Aleph, and others. Rothschild and Co. acted as sole financial advisor to Freightos for this round. To date, Freightos has raised $94.4 million.

Company spokesmen said today that the company will use the new funding to focus on the following over the next two years: 

• Expanding Freightos with more countries, more forwarders and carriers, more shipment management functionality, more predictable transit times and more competitive pricing, while servicing progressively larger companies;
• Increasing rollouts of our freight rate management and sales SaaS platforms across even more logistics providers helping them to improve service and reduce cost;
• Incorporating the Freightos Baltic Index (FBX) into more advanced financial tools; and 
• Expanding the team to make its aggressive goals a reality.