Freightos raises $44m to fund expansion
Online freight rate portal Freightos has raised $44m to fund expansion of its business with new operations and new capabilities.
The Series C funding round was led by the Singapore Exchange (SGX) and included General Electric Ventures, ICV, Aleph, and others.
Freightos said it would use the money to expand its services with more countries, more forwarders and carriers, add more shipment management functionality, more predictable transit times and more competitive pricing, while servicing progressively larger companies.
It will also Increase the rollout of freight rate management and sales SaaS platforms across more logistics providers and incorporate the Freightos Baltic Index (FBX) into more advanced financial tools.
Michael Syn, head of derivatives at SGX, said: “SGX is excited by the potential to develop risk management tools and services, and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”
The latest round brings the total amount raised by the company to $94.4m.