Freightify, an ocean rate management platform, on Tuesday said it has raised USD 2.5 million (about Rs 18.6 crore) in funding, led by Nordic Eye Venture Capital. The pre-series A round also saw participation from Tradeworks VC, Venture Catalysts, 9Unicorns, and Blume Founders Fund, a statement said. Existing investor Vinod Kumar Talreja also participated in the round, it added.
The firm will use the proceeds towards expansion into the US and European markets and also invest in its product ecosystem covering other stakeholders of the container supply chain, it said. “We founded Freightify with the belief that the future of technology in freight forwarding should be democratised and made available for everyone. The current capital expansion from the right partners cements this belief and helps us add value to the maritime industry across the world, Freightify CEO and co-founder Raghavendran Viswanathan said.
Freightify features a suite of pricing and sales tools for the ocean freight industry and already serves customers in over 10 countries. Its platform handles more than USD 400 million in freight revenue for customers and a corresponding gross merchandise value (GMV) of USD 2 billion. Freightify is backed by marquee accelerators like the Betatron Group, JioGenNext, and Alchemist Accelerator. “Exciting to follow a dynamic and ambitious organization that has great chances of making a huge digital impact in international freight forwarding. We encourage the global outlook and are impressed about the common vision for the company,” Nordic Eye Investment Manager Ib Drachmann said.
Freightify makes it simple for small and mid-size freight forwarders with little to no technology expertise to set up an online own branded storefront. This store is powered by data from various sources including live prices from ocean carriers like Maersk, CMA CGM, Evergreen, etc. At the same time, offline contract rates from other carriers are automated in real-time for easy comparison. Further, this can be easily integrated with the freight forwarders’ TMS systems for operations and fulfilment.