Online Freight Firm Freightos Raises $25 Million in Funding
Freightos, an online marketplace for international shipping, said on March 29 that it raised $25 million in funding led by GE Ventures, bringing the company's total funding to date to $50 million.
"This capital raised will help to continue Freightos’ rapid expansion," said Zvi Schreiber, founder and CEO of Freightos, which has headquarters in Jerusalem and a research and development center in Ramallah.
Launched in July, the Freightos Marketplace doubled its orders in the first quarter of 2017 over the previous quarter. It has more than 10,000 registered users.
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The Freightos Marketplace enables freight companies to sell services online and import/export companies to compare, book and manage shipments. Freightos digitizes freight operations for companies such as Nippon Express, Ceva Logistics, Hellmann Worldwide Logistics and Sysco Foods.
Houston-based Ceva ranks No. 9 on the Transport Topics Top 50 list of the largest logistics companies in North America.
In August, Freightos acquired WebCargoNet, a provider of air cargo rate management and eBookings based in Barcelona, Spain.
Investors in Freightos include Sadara Ventures, a venture capital fund targeting the Palestinian high-tech sector, as well as Israel's Aleph VC, Michigan-based Annox Capital and MSR Capital of Malaysia.
