The Jerusalem-based shipping logistics startup Freightos announced on Monday that it raised $44.4 million in a Series C funding round led by Singapore Exchange (SGX), with participation from Israeli firms ICV and Aleph, and GE Ventures.
The company, which automates the routing and pricing of international freight shipments, was founded in 2012 by entrepreneur Zvi Schreiber, and has raised $92 million to date. It has since developed a platform for freight rate management and digital sales that, it says, looks to make global trade “frictionless.”
“From small freight forwarders to global carriers, and from niche e-commerce vendors to Fortune 500 retailers and manufacturers, Freightos means transparency, efficiency, and automation for supply chains,” Schreiber said in a statement. “The meteoric growth of the Freightos marketplace and success of our platform for freight rate management and digital sales, shows that importers and exporters are looking for radically better freight services, while carriers and forwarders are eager to deliver by leveraging technology.”
Michael Syn, head of Derivatives at SGX, said: “Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy. 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.”