Freightify, the ocean rate management platform bringing advanced e-booking functionality to freight companies of all sizes, today announced it has secured US$ 2.5mn 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 already serves customers in over 10 countries. The firm will use the proceeds to invest in expansion into the US and Europe. The company also plans to invest in its product ecosystem covering other stakeholders of the container supply chain.
Freightify’s platform handles more than US$ 400mn in freight revenue for customers and a corresponding GMV of US$ 2 billion while the SaaS model can scale as the customers grow.
“Exciting to follow a dynamic and ambitious organization that has great chances of making a huge digital impact in International freight forwarding. We encourage the global outlook and is impressed about the common vision for the company,” said Nordic Eye’s Investment Manager Ib Drachmann.
“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 and quotation, to e-bookings and visibility,” said Niklas Holck, CEO at Tradeworks.vc.
“We founded Freightify with the belief that the future of technology in freight forwarding should be democratised and made available for everyone,” said Raghavendran Viswanathan, CEO and Co-founder, Freightify. “The current capital expansion from the right partners cements this belief and helps us add value to the maritime industry across the world,” he added.