Freightify raises $12M in Series A round led by Sequoia Capital
Freightify, a SaaS platform for freight rate management, has raised $12 million in Series A fundraising from investors including Nordic Eye Venture Capital, Motion Ventures, TMV, and Alteria Capital. Sequoia Capital India served as the funding round's lead investor. A combination of equity and debt are used in the round.
It plans to use the investment to improve its product offerings, add new features, raise brand recognition globally as it enters new markets, create channel alliances, and expand its sales presence internationally. Additionally, the company will actively recruit throughout all regions, particularly in Chennai.
According to Mayank Porwal, VP, Sequoia India, "The freight forwarding sector is a cornerstone of the global commerce economy and despite its enormous size, much of the industry is confined by manual processes and relies on paper, Excel sheets, and phone calls."
He continued, "Freightify, a vertical SaaS platform, is fixing this problem by assisting freight forwarders automate rate management and making routine operational operations quick and effective so that they can concentrate on providing clients and expanding their firm.
The company has now raised a total of $14.5 million in capital after previously raising $2.5 million. With the help of Freightify's SaaS platform, freight forwarders can quickly find, manage, and quote freight pricing. To better assist their clients, forwarders can set up an online storefront. It features track-and-trace options that give freight forwarders instant access to the real-time vessel positions and automatic milestones.
More than 200 freight forwarding businesses that offer international logistics services in 45 countries currently utilise Freightify to digitise their operations. Raghavendran Viswanathan, who has experience in logistics, supply chain management, and freight management from positions with businesses like DHL and Panalpina, created Freightify in 2016. It has its headquarters in Singapore and a development team in Chennai.
According to Raghavendran, his goal is to make technology more accessible to freight forwarders. We address their problems by providing them and their clients with a live pricing platform that displays rates in real time on a single screen, similar to those used by travellers to compare fares. Currently expanding in North America, Freightify has been rapidly growing across Europe, Australia, and important Asia Pacific markets.
It plans to use the investment to improve its product offerings, add new features, raise brand recognition globally as it enters new markets, create channel alliances, and expand its sales presence internationally. Additionally, the company will actively recruit throughout all regions, particularly in Chennai.
According to Mayank Porwal, VP, Sequoia India, "The freight forwarding sector is a cornerstone of the global commerce economy and despite its enormous size, much of the industry is confined by manual processes and relies on paper, Excel sheets, and phone calls."
He continued, "Freightify, a vertical SaaS platform, is fixing this problem by assisting freight forwarders automate rate management and making routine operational operations quick and effective so that they can concentrate on providing clients and expanding their firm.
The company has now raised a total of $14.5 million in capital after previously raising $2.5 million. With the help of Freightify's SaaS platform, freight forwarders can quickly find, manage, and quote freight pricing. To better assist their clients, forwarders can set up an online storefront. It features track-and-trace options that give freight forwarders instant access to the real-time vessel positions and automatic milestones.
More than 200 freight forwarding businesses that offer international logistics services in 45 countries currently utilise Freightify to digitise their operations. Raghavendran Viswanathan, who has experience in logistics, supply chain management, and freight management from positions with businesses like DHL and Panalpina, created Freightify in 2016. It has its headquarters in Singapore and a development team in Chennai.
According to Raghavendran, his goal is to make technology more accessible to freight forwarders. We address their problems by providing them and their clients with a live pricing platform that displays rates in real time on a single screen, similar to those used by travellers to compare fares. Currently expanding in North America, Freightify has been rapidly growing across Europe, Australia, and important Asia Pacific markets.
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