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Freightos shipping quotation platform attracts 2 new venture capitalists
ISRAEL's Freightos, the online service that automatically scans thousands of rate quotes to come up with the best rate for shippers, has two new investors, MSR Capital and Sadara Ventures whose investment totals US$14 million.
They join existing investors Aleph, Annox Capital, ICB and OurCrowd, bringing the total of money raised by Freightos to $23.3 million, continuing a wave of recent interest from venture capital firms in the logistics sector, said the company.
Freightos was one of the first start-ups to realise the opportunity in rate-quote automation, but now several more venture-backed companies have entered the forwarder price-quote market.
Freightos said B2B e-commerce has grown 40 per cent since 2014 and that it is anticipated to be worth $6.7 trillion annually by 2020.
The lack of instant, transparent international freight pricing, the company said, can cause forwarders to overpay for shipping.
"Forwarders CEVA Logistics, Nippon Express and Hellman Worldwide, among others, have utilised Freightos" services," said the company statement.
Before Freightos, forwarders would take an average of three days to provide an international freight quote, which is a time frame that is increasingly considered unacceptable among most shippers today, it said.
They join existing investors Aleph, Annox Capital, ICB and OurCrowd, bringing the total of money raised by Freightos to $23.3 million, continuing a wave of recent interest from venture capital firms in the logistics sector, said the company.
Freightos was one of the first start-ups to realise the opportunity in rate-quote automation, but now several more venture-backed companies have entered the forwarder price-quote market.
Freightos said B2B e-commerce has grown 40 per cent since 2014 and that it is anticipated to be worth $6.7 trillion annually by 2020.
The lack of instant, transparent international freight pricing, the company said, can cause forwarders to overpay for shipping.
"Forwarders CEVA Logistics, Nippon Express and Hellman Worldwide, among others, have utilised Freightos" services," said the company statement.
Before Freightos, forwarders would take an average of three days to provide an international freight quote, which is a time frame that is increasingly considered unacceptable among most shippers today, it said.
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