OurCrowd-based and global online freight network, Freightos, announced it raised $25 million during its Series B extension round, which was led by led by GE Ventures. The company reported that the funds would be used to scale the Freightos Marketplace while continuing development of its’ software suite of global freight pricing, routing, and sales automation.
As previously reported, Freightos has been adopted by dozens of multi-national and independent freight forwarders since 2013. Using the Freightos Network and cutting-edge technology, freight forwarders are experiencing dramatic increases in sales and shippers are given faster service and more choices to optimize their supply chain. By providing transparency into routes and modes and avoiding the current system of underutilized vessels and inefficient lanes, freight vendors and shippers may utilize Freightos to increase their efficiency and reduce their carbon footprint. Dr. Zvi Schreiber, founder and CEO of Freightos, stated:
“The age of digital logistics has arrived and with it easier importing and exporting for businesses worldwide. This once-neglected sector is ripe for digitization. Freightos’ unique technology enables instant freight routing and pricing for top forwarders worldwide. This same technology powers the Freightos Marketplace, where service providers can sell services online and import/export companies can compare, book, and manage shipments instantly. This capital raise will help to continue Freightos’ rapid expansion.”
Jonathan Pulitzer, GE Venture’s Managing Director of Israel, added:
“Logistics digitization 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.”