TEL AVIV, Sept 17 (Reuters) - Freightos said on Monday it raised $44.4 million in a funding round led by Singapore Exchange (SGX) to further scale its online international freight marketplace.
Since its launch in mid-2016, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking and communication.
The company said it has a network of over 1,200 logistics providers. Its database drives the Freightos Baltic Index (FBX), a 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, beginning with enhancements to the FBX index shifting to daily reporting from weekly.
Freightos is headquartered in Hong Kong with a base of operations in Jerusalem — where the CEO sits — and an R&D centre in Ramallah. It has raised $94.4 million to date.
New and existing Freightos investors including General Electric Ventures and Israel’s ICV and Aleph joined the latest investment round. (Reporting by Tova Cohen Editing by Steven Scheer)