Freight rate management platform Freightify has completed a new $12 million debt and equity Series A funding round to support the continued expansion of its SaaS business.
The system is used by freight forwarders to digitally procure, manage and quote freight prices, with forwarders able to create a digital storefront on the platform to connect with customers. Integrated track and trace capabilities can also be used to provide the live location of vessels and deliver automated information on milestones achieved.
Founded in 2016, Freightify’s new funding will support the launch of additional functionality on the platform and the expansion of its sales presence globally. The new investment will also be used to build channel partnerships and strengthen marketing as the firm moves into new geographies and segments.
The funding round was led by Sequoia Capital India with participation from TMV and Alteria Capital, and also included returning investors Nordic Eye Venture Capital and Motion Ventures.
“For too long, freight forwarders have been restricted to spreadsheets and legacy processes to do business. We set up Freightify to remove the heavy lifting of manually providing quotations, accepting email/telephonic bookings, managing documentation, coordinating and tracking shipments,” said Raghavendran Viswanathan, CEO of Freightify.
“Freightify solves these challenges by giving them and their customers a live pricing platform like the ones used by travellers to compare airfares, showing real-time rates on a single screen. Freight forwarders are like the travel agents for global trade; however, air travel is not as complicated as global trade. Supply chains require experts to manage cargo throughout the entire lifecycle and freight forwarders play a vital role in greasing the wheels.”
“Freight forwarders using Freightify save more than 70% of the time spent on manual tasks and legacy processes, while halving the operational costs to do business.”