Freightify, a Singapore-based freight-tech startup that wants to make the process as simple as comparing airfare with its vertical SaaS platform, raised $12 million in Series A funding.
The round was led by Sequoia Capital India, with participation from Trail Mix Ventures and Alteria Capital. The round also included returning investors Nordic Eye Venture Capital and Motion Ventures.
The new funding will be used on product development and launching new features, growing its international sales team, channel partnerships, and marketing.
There are more marketplaces and digital forwarders emerging in different markets, and part of Freightify’s competitive strategy is selling a SaaS product. “The industry is not a winner take all market and freight forwarders can recognize a useful solution when they see one,” Raghavendran Viswanathan, Founder, and CEO of Freightify said.
Freightify is now used by more than 200 freight forwarding companies in 45 countries and says its revenue has tripled over the last year.
The company refers to itself as the “Shopify for maritime freight” because it provides white-label rate management and e-booking tools for freight forwarders to set up online stores. The startup’s SaaS platform also provides track-and-trace solutions to let freight forwarders see the live location of vessels.
Company: FreightBro Logistics Pvt. Ltd
Raised: $12.0M
Round: Series A
Funding Month: February 2023
Lead Investors: Sequoia Capital India
Additional Investors: Trail Mix Ventures and Alteria Capital. The round also included returning investors Nordic Eye Venture Capital and Motion Ventures
Company Website: https://www.freightify.com/
Software Category: Freight Management Software
About the Company: Founded in 2016 by Raghavendran Viswanathan, Freightify is a freight tech company providing a freight rate management platform that enables sourcing instant freight rates, generating freight quotes within seconds, sending/receiving booking requests, and tracking cargo - all through one system, Freightify empowers freight forwarders by providing white-labeled rate automation solutions to digitize their rate procurement, rate management, and quotation processes with ease. In addition to this, we also provide track and trace solutions that help freight forwarders in getting the latest milestone location of vessels and automated milestones within seconds. The company’s mission is to democratize technology for freight forwarders.
Source: https://techcrunch.com/2023/02/01/freightify-series-a/