Freightify, the ocean rate management platform has secured $2.5mn in Pre-Series A funding.
The funding was 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, the company said.
Freightify 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 $400mn in freight revenue for customers and a corresponding GMV of $2 billion while the SaaS model can scale as the customers grow, the company added.
“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 & 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. The current capital expansion from the right partners cements this belief and helps us add value to the maritime industry across the world,” said Raghavendran Viswanathan, CEO and Co-founder, Freightify.
The company further added that Freightify makes it simple for small and mid-size freight forwarders with little to no technical 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. Further, this can be easily integrated with the freight forwarders’ TMS systems for operations and fulfillment.
