BackFreightify announces $2.5 million in pre-Series A round led by Nordic Eye
Freightify features a suite of pricing and sales tools for the ocean freight industry and already serves customers in more than 10 countries
PremiumMUMBAI : Ocean rate management platform Freightify on Tuesday said it has secured $2.5 million funding in pre-Series A round led by Nordic Eye Venture Capital, with participation of Tradeworks VC, Venture Catalysts, 9Unicorns, Blume Founders Fund, and existing investor Vinod Kumar Talreja.
Freightify features a suite of pricing and sales tools for the ocean freight industry and already serves customers in more than 10 countries. The firm 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.
“We founded Freightify with the belief that the future of technology in freight forwarding should be democratized 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, chief executive officer and co-founder.
Backed by marquee accelerators such as the Betatron Group, JioGenNext, and Alchemist Accelerator, Freightify makes it simple for small and mid-size freight forwarders with little to no technology expertise to set up an online own-branded storefront, powered by data from various ocean carriers such as Maersk, CMA CGM, and Evergreen.
“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 are impressed about the common vision for the company," said Nordic Eye’s investment manager Ib Drachmann.
Offline contract rates from other carriers are automated in real-time for easy comparison. Further, it can be easily integrated with the freight forwarders’ TMS systems for operations and fulfilment. The company’s platform handles more than $400mn in freight revenue for customers and a corresponding gross merchandise value (GMV) of $2 billion.
“We invest in ‘Digital Trade Enablers’ that drive trade through innovation, by solving important problems in logistics and e-commerce. 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, standardization, automation and quotation, to e-bookings and visibility," said Niklas Holck, chief executive officer at Tradeworks.vc.
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