Amir Cohen/Reuters

Freightos, an online marketplace for international shipping, said on March 29 it raised $25 million in funding led by GE Ventures, bringing the company’s total funding to date to $50 million.

“This capital raise will help to continue Freightos’ rapid expansion,” said Zvi Schreiber, founder and chief executive of Freightos, which has headquarters in Jerusalem and an R&D center in Ramallah.

Launched in July, the Freightos Marketplace had a doubling in orders in the first quarter of 2017 over the previous quarter. It has over 10,000 registered users.

RELATED: Shipping technology startups may get boost from Hanjin woes

The Freightos Marketplace enables freight companies to sell services online and import/export companies to compare, book, and manage shipments. Freightos digitizes freight operations for companies such as Nippon Express, Ceva Logistics, Hellmann Worldwide Logistics and Sysco Foods.

Ceva ranks No. 9 on the Transport Topics Top 50 list of the largest logistics companies in North America.

In August, Freightos acquired WebCargoNet, a Barcelona-based provider of air cargo rate management and eBookings.

Investors in Freightos include Sadara Ventures, a venture capital fund targeting the Palestinian high-tech sector, as well as Israel’s Aleph VC, Michigan-based Annox Capital and MSR Capital of Malaysia.

By Tova Cohen
Reuters


© 2017, Transport Topics, American Trucking Associations Inc.
Reproduction, redistribution, display or rebroadcast by any means without written permission is prohibited.