Freightos, a Hong Kong-based online logistics company, completed a $25 million Series B extension round.
The round was led by GE Ventures, with participation from other investors.
The company, which has raised $50m in total funding, intends to use the capital to scale the Freightos Marketplace globally while continuing development of its software suite of global freight pricing, routing, and sales automation.
Launched in July 2016 by Dr. Zvi Schreiber, founder and CEO, Freightos provides an online marketplace for international shipping, and a software-as-a-service platform that automates pricing and routing for carriers, freight forwarders and shippers.
The company’s SaaS-enabled marketplace powers instant freight quotes internally for international freight forwarders including CEVA Logistics, Nippon Express, Hellmann World Logistics, and offers freight rate management and pricing and routing optimization for supply chain companies including Sysco Foods, Panasonic USA, and Marks & Spencer.
At the core of the marketplace and its SaaS platform are a patent-pending freight pricing and routing engine, and a database of hundreds of millions of ocean, air and land freight price rates, updated daily.
The company, which is also backed by Aleph VC, Annox Capital, Gold Lion Holdings Limited, ICV, Master (HK) Toys, MSR Capital, OurCrowd, Sadara Ventures, and others, acquired WebCargoNet, a Barcelona-based technology provider of air cargo rate management and eBookings in August 2016. It has 150 employees in offices around the world.