SGX leads US$44.4M Series C in Hong Kong’s online freights marketplace Freightos
Together with Freightos, SGX will explore the development of financial instruments to introduce the transparency, agility and risk-mitigation
Freightos Baltic index
Hong Kong-based online freights marketplace, Freightos, announced today it has completed a US$44.4 million Series C funding round, led by Singapore Exchange (SGX).
New and existing investors, including General Electric Ventures, ICV, and Aleph also joined the round.
With this, Freightos’s total investment raised to date has reached US$94.4 million. This included a US$25 million Series B extension round led by GE Ventures in March 2017.
The company will use the money raised from the new round for expansion.
Started in mid-2016 by serial entrepreneur Zvi Schreiber, Freightos aims to help importers and exporters reduce logistics spend and save time with instant comparison, booking and management of air, ocean and land shipments from top logistics providers. The company also empowers carriers and logistics providers to automate freight sales. Freightos AcceleRate and Freightos WebCargo power rate management, automated pricing, and online freight sales for over 1,000 logistics service providers and carriers.
The company claims it powers over one million instant freight quote requests every month, relying on over one billion rate data points and patent-pending routing and pricing engines. The Freightos global rate database also drives the Freightos Baltic Index (FBX), an up-to-date container freight index, in collaboration with the Baltic Exchange which is part of the SGX group.
Together with Freightos, SGX will explore the development of financial instruments to introduce the transparency, agility and risk-mitigation, beginning with enhancements to the FBX container freight index shifting to daily reporting.
Michael Syn, Head of Derivatives at SGX, said: “Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy. SGX is excited by the potential to develop risk management tools and services and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”
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