Freightify Raises $12 Million In Series A Funding Round
Freightify, a freight rate management SaaS platform, has raised $12 million in Series A funding led by Sequoia Capital India.
The funding round, which involves a mixture of equity and debt, also saw participation from TMV and Alteria Capital as well as existing investors Nordic Eye Venture Capital and Motion Ventures.
As per the startup, the raised funds will be used to strengthen product offerings and add new functionalities, expand sales presence globally, build channel partnerships, strengthen marketing to drive growth, and increase brand awareness globally as it expands into new geographies and segments.
Freightify | Freight Rate Management SaaS Platform
Founded by Raghavendran Viswanathan in 2016, Freightify empowers freight forwarders by providing white-labeled rate automation solutions to digitize their rate procurement, rate management, and quotation processes with ease.
Headquartered in Singapore with a development team in Chennai, the SaaS platform allows freight forwarders to procure, manage, and quote freight prices (including all possible ancillary charges) in less than two minutes.
As per Raghavendran, his mission is to democratize technology for freight forwarders. He added,
“We solve their challenges through our comprehensive SaaS platform, 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.”
Using the platform, freight forwarders can create a digital storefront to serve customers better, including track and trace solutions that help freight forwarders in getting live locations of vessels and automated milestones within seconds.
The SaaS platform has been expanding rapidly across Europe, Australia and key regions in Asia Pacific and is currently expanding in North America. And with this round, Freightify will also be actively hiring across geographies, especially Chennai.
Presently, more than 200 freight forwarding companies providing global logistics services across 45 countries use Freightify to digitize their business. Freightify has previously raised $2.5 million in funding, bringing the total funds raised by it to $14.5 million.
Last year, Wiz Freight, a full-stack digital freight forwarder startup, raised Rs 275 Cr ($36 million) in a Series A funding round.
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