GE Ventures leads $25m funding round in Israeli freight firm
Israel’s Freightos, the company that wants to bring innovation to the international freight market, said it has completed a $25 million Series B round, led by GE Ventures. This brings the company’s total funding to $50 million, Freightos said.
The money will be used to grow the company’s online freight marketplace globally — and include more global routes and shipping companies as sellers — and to further develop its software that enables freight pricing comparisons, routing, and sales automation, the company said.
“As we expand globally, our next step is targeting routes with high trade volume, like routes from Europe to the US,” said Eytan Buchman, the marketing director of Freightos. The website already allows companies to order freight deliveries and compare prices on routes from China to the US and from India and the UK to the US.
Since its launch in July last year, the Freightos Marketplace – a website that allows businesses to get instant comparisons, booking, and management of freight services from multiple logistics providers — has seen a 600% increase in orders in the first six months, a 100% growth in orders in the first quarter of this year over the previous quarter.
Read the full article from the Times of Israel here.