Freightify, a freight rate management SaaS platform, has raised $12 million in Series A funding to expand its market share in the $300 billion freight forwarding business.
The funding will be used to strengthen product offerings and add new functionalities, expand sales presence globally and build channel partnerships. The firm will also be actively hiring across geographies, especially in Chennai.
VP of Sequoia India, Mayank Porwal, said the company is solving the problem of manual processes in the freight forwarding industry by helping freight forwarders automate rate management and make everyday operational workflows fast and efficient.
Freightify has now raised a total of $14.5 million and its SaaS platform currently serves more than 200 freight forwarding companies across 45 countries. It helps freight forwarders create a digital storefront and includes track and trace solutions for live location of vessels and automated milestones.
The company is headquartered in Singapore with a development team in Chennai, and was founded in 2016 by Raghavendran Viswanathan. Its mission is to democratise technology for freight forwarders and provide customers with a live pricing platform.
The funding was led by Sequoia Capital India, the round also involved participation from TMV and Alteria Capital as well as existing investors like Nordic Eye Venture Capital and Motion Ventures.
Global Freight Market touted to be $300Bn says Freightify
Global freight forwarding is a $300 billion industry that facilitates the transport of products from one place to another by means of manual and outdated processes. Freightify’s SaaS platform assists freight forwarders in procuring, managing and quoting freight prices, including all applicable ancillary charges, in under two minutes.
The platform allows forwarders to create a digital storefront to better serve customers, as well as features a track and trace solution that offers real-time locations of vessels and automated milestones.
As stated by Raghavendran Viswanathan, CEO of Freightify, “We have created Freightify to eliminate the laborious task of providing quotes, accepting bookings via email or phone, handling documentation, coordinating and tracking shipments. Freightify provides them and their customers with a live pricing platform similar to those used by travellers to compare airfares, showing real-time rates on a single screen.
Freight forwarders are the travel agents for global trade, but air travel is not as complicated as global trade. Supply chains need experts to manage cargo throughout its lifecycle, and freight forwarders play a crucial role in facilitating this process.