[Funding alert] Freightify raises pre-Series A round of $2.5M led by Nordic Eye Venture Capital
Ocean rate management platform Freightify (formerly FreightBro) that brings advanced e-booking functionality to freight companies, has raised $2.5 million funding in pre-Series A round led by Nordic Eye Venture Capital. The round also saw participation of Tradeworks VC, Venture Catalysts, 9Unicorns, Blume Founders Fund, and existing investor Vinod Kumar Talreja.
Raghavendran Viswanathan, CEO and Co-founder, Freightify, said,
“We founded Freightify with the belief that the future of technology in freight forwarding should be democratised and made available for everyone. The current capital expansion from the right partners cements this belief and helps us add value to the maritime industry across the world.”
Image source: Pixabay
The firm will use the proceeds to invest in expansion into the US and Europe. The startup also plans to invest in its product ecosystem covering other stakeholders of the container supply chain.
Freightify stated it handles more than $400 million in freight revenue for customers and a corresponding GMV of $2 billion while the SaaS model can scale as the customers grow.
“Exciting to follow a dynamic and ambitious organisation that has great chances of making a huge digital impact in international freight forwarding. We encourage the global outlook and are impressed about the common vision for the company,” said Nordic Eye’s Investment Manager Ib Drachmann.
The platform features a suite of pricing and sales tools for ocean freight industry and claims to be serving customers in over 10 countries. The company stated it makes it simple for small and mid-size freight forwarders with little to no technology expertise to set up an online own branded storefront.
This store is powered by data from various sources, including live prices from ocean carriers like Maersk, CMA CGM, Evergreen, etc. At the same time, offline contract rates from other carriers are automated in real-time for easy comparison. This can be easily integrated with the freight forwarders’ TMS systems for operations and fulfilment.
“We invest in ‘Digital Trade Enablers’ that drive trade through innovation, by solving important problems in logistics and ecommerce. One of these important problems is the lack of structured commercial data that can be used across the freight forwarding value chain, from freight rate procurement, standardisation, automation & quotation, to e-bookings and visibility,” said Niklas Holck, CEO at Tradeworks.vc.