Venture Capital

freightify: Freightify announces $2.5 million funding from Tradeworks VC, Venture Catalysts, others

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Freightify, the ocean rate management platform bringing advanced e-booking functionality to freight companies of all sizes, has secured $2.5 million in Pre-Series A funding led by Nordic Eye Venture Capital with the participation of Tradeworks VC, Venture Catalysts, 9Unicorns, and Blume Founders Fund. Existing investor Vinod Kumar Talreja also participated in the round.

Freightify features a suite of pricing and sales tools for the ocean freight industry and serves customers in over 10 countries. The firm will use the proceeds to expand to the US and Europe. The company also plans to invest in its product ecosystem covering other stakeholders of the container supply chain.

The company’s platform handles more than $400 million in freight revenue for customers and a corresponding gross merchandise value (GMV) of $2 billion.

“We founded Freightify with the belief that the future of technology in freight forwarding should be available for everyone. The current capital expansion cements this belief and helps us add value to the maritime industry across the world,” said Raghavendran Viswanathan, CEO and Co-founder, Freightify, in a statement.

Freightify is backed by marquee accelerators like the Betatron Group, JioGenNext, and Alchemist Accelerator.

“We are looking forward to follow an organization that has chances of making a digital impact in international freight forwarding,” said Nordic Eye’s Investment Manager Ib Drachmann, in a statement.

“We invest in ‘Digital Trade Enablers’ that drive trade through innovation, by solving problems in logistics and ecommerce. One of these problems is the lack of structured commercial data that can be used across the freight forwarding value chain, from freight rate procurement, standardisation, automation and quotation, to e-bookings and visibility” said NiklasHolck, CEO at Tradeworks.vc, in a statement.

Freightify aims to make it easier for small and mid-size freight forwarders with little to no technology expertise to set up an online storefront. This is powered by data from various sources including live prices from Maersk, CMA CGM, Evergreen, etc. At the same time, offline contract rates from other carriers are automated in real-time for comparison. This can be integrated with the freight forwarders’ TMS systems for operations and fulfilment.

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Read more at economictimes.indiatimes.com

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