Israel-based Freightos secures $4.6M in Series B round
Freight industry-focused online network Freightos has bagged $4.6 million for its Series B funding round, TechCrunch reported.
Aleph and ICV led the financing round for the Israel-based company. A follow-on investment was also given through equity-based crowdfunding platform OurCrowd which brings to $6.3 million the total funding secured by the online freight work to date, the report said.
Freightos improves the freight industry by providing quotes in real time and other efficiencies. Their Software as a Service platform serves to upgrade how freight companies run their business which has traditionally relied on fax machines and the programs Excel and PDF. With their solution, freight forwarders are able to automate routing and pricing and manage rates both inside the company and on their own websites for customers. What makes the service attractive to companies is that the freight quotes are given in realtime instead of days. This will enable them to lure more customers even as it modernizes the freight industry, the report said.
The freight industry is a multi-trillion dollar operation but despite this size it also needs be more efficient and transparent. The Freightos Network allows freight vendors to work together seamlessly with other vendors clients so that it can give "instant door-to-door quotes." For their end, freight vendors can utilize the solution given by Freightos to purchase freight service routes from another vendor and automatically sell these again to their own clients. In addition, freight vendors can include an e-commerce solution on their own websites that will give online quotes to customers when they need it, the report said.
Xeneta is another startup working to modernize the freight industry. It provides a crowdsourced price comparison service specifically for sea cargo. It is backed with a €1.2 million investment from Creandum, a Stockholm-based venture capitalist and Alden, a Norwegian-based private investment company, the report said.