Xeneta, an Oslo, Norway-based ocean freight benchmarking and market intelligence software platform, raised $12m in a Series B funding.
The round was led by London-based Smedvig Capital with participation from existing investors Creandum and Alliance Venture.
The company, which has raised $20.5m in total funding, intends to use the capital to continue global expansion and to strengthen its product development and technology platform. In conjunction with rhe funding, Rob Toms, a Managing Director at Smedvig, will form a part of Xeneta’s board of directors.
Founded in 2012 by Patrik Berglund, CEO, and Thomas Sørbø, CBDO, Xeneta digitizes the crowdsourcing of ocean container prices to create a global pricing index bringing pricing transparency to all stakeholders in international container trade. Its reporting and analytics platform provides shippers and freight forwarders the software data they need to compare their shipping prices against the world’s largest database of contracted rates – reporting live on market average and low/high movements.
Customers include global market leaders such as Kraft Heinz, Electrolux, Continental, Thyssenkrupp, Akzo Nobel, Brother International, in addition to leading suppliers in the automotive, chemical and retail industries.
The company has offices in Oslo, Hamburg and establishing a presence in the U.S. east coast, currently New York.