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Freightos raises US$25 million, solidifying position as global freight digitiser
TEL AVIV's Freightos, the logistics technology company that brings freight online, has announced the sale of US$25 million shares, bought mostly by GE Ventures, bringingm company funding up to $50 million.
Funds will be used to enlarge the Freightos Marketplace globally while continuing development of Freightos' software suite of global freight pricing, routing, and sales automation.
The company claims that since its July 2016 launch, the Freightos Marketplace has grown exponentially, with a 600 per cent increase in orders in the first six months, a 100 per cent growth in Q1 2017 orders over Q4 2016, over 10,000 registered users, and dozens of sellers, including top 20 global freight forwarders.
"The age of digital logistics has arrived," said Zvi Schreiber, founder and CEO of Freightos.
"It is easier importing and exporting for businesses worldwide. This once-neglected sector is ripe for digitisation," he said.
Dr Schreiber said company technology already digitises freight operations for more than 1,000 logistics providers and global supply chain companies, including Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods. Continuing the company's mission of transparency, the Freightos' International Freight Index provides free global freight rates insights, a service that otherwise costs thousands of dollars.
Said GE Venture Israel chief Jonathan Pulitzer: "Logistics digitisation is a strong strategic complement for General Electric's role as the world's leading digital industrial company.
"In just five years, Freightos technology has helped a thousand logistics providers operate more efficiently, while the Freightos Marketplace has shown fantastic growth and retention indicators," he said.
Last August, Freightos bought Barcelona's WebCargoNet, an air cargo rate manager and eBooking specialist.
Freightos global database has 300 million price points and growing over 10 million price points a week. To date, it raised $50 million dollars and has 150 employees based in offices around the world.
Funds will be used to enlarge the Freightos Marketplace globally while continuing development of Freightos' software suite of global freight pricing, routing, and sales automation.
The company claims that since its July 2016 launch, the Freightos Marketplace has grown exponentially, with a 600 per cent increase in orders in the first six months, a 100 per cent growth in Q1 2017 orders over Q4 2016, over 10,000 registered users, and dozens of sellers, including top 20 global freight forwarders.
"The age of digital logistics has arrived," said Zvi Schreiber, founder and CEO of Freightos.
"It is easier importing and exporting for businesses worldwide. This once-neglected sector is ripe for digitisation," he said.
Dr Schreiber said company technology already digitises freight operations for more than 1,000 logistics providers and global supply chain companies, including Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods. Continuing the company's mission of transparency, the Freightos' International Freight Index provides free global freight rates insights, a service that otherwise costs thousands of dollars.
Said GE Venture Israel chief Jonathan Pulitzer: "Logistics digitisation is a strong strategic complement for General Electric's role as the world's leading digital industrial company.
"In just five years, Freightos technology has helped a thousand logistics providers operate more efficiently, while the Freightos Marketplace has shown fantastic growth and retention indicators," he said.
Last August, Freightos bought Barcelona's WebCargoNet, an air cargo rate manager and eBooking specialist.
Freightos global database has 300 million price points and growing over 10 million price points a week. To date, it raised $50 million dollars and has 150 employees based in offices around the world.
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