Freightify secures $12 million Series A financing from Sequoia Capital, others

• The round also saw participation from TMV and Alteria Capital and previous investors Nordic Eye venture capital and Movement companies.
  
• The SaaS freight rate management platform plans to use the funds to strengthen its product offerings and expand its sales presence globally, among other things.
  
• The company has raised a total of $14.5 million in capital since its inception.
  
• More than 200 forwarding companies in 45 countries use it Freight.

Freight rate management SaaS platform Freightify said Thursday it has raised $12 million in a Series A funding round led by Sequoia Capital India with participation from TMV and Alteria Capital.

The round also saw participation from previous investors Nordic Eye Venture Capital and Motion Ventures. The financing round involves a mix of equity and loan capital.

The company had previously raised $2.5 million in funding, bringing its total to date to $14.5 million.

The company will use the funding to strengthen product offerings and add new features, expand its sales presence globally, build channel partnerships and strengthen marketing as it expands into new regions and segments. It will also hire people in different regions, especially in Chennai.

Global Freight Forwarding is a $300 billion industry that facilitates the movement of cargo from one place to another through a series of manual and legacy processes. Freightify’s SaaS platform enables freight forwarders to purchase, manage and quote freight rates (including all possible additional costs) in less than 2 minutes, the company statement reveals.

“The freight forwarding industry is a cornerstone of the global trading economy and despite its sheer size, much of the industry remains constrained by manual processes and runs on paper, excel sheets and phone calls. Freightify, a vertical SaaS platform, solves this problem by helping freight forwarders automate rate management,” said Mayank Porwal, VP, Sequoia Indiasaid.

More than 200 freight forwarding companies providing global logistics services (in 45 countries) use Freightify to digitize their business, the company said. These customers have reported reducing processing time by more than 70%, the company claims.

Founded in 2016 by Raghavendran Viswanathan, Freightify has its headquarters in Singapore and a strong development team in Chennai. The company initially started as a marketplace for freight forwarders to easily search, book and track freight.

“Our mission is to democratize technology for freight forwarders. We solve their challenges through our comprehensive SaaS platform, giving them and their customers a live pricing platform like travelers use to compare airfares, displaying real-time rates on a single screen. We have a highly skilled product and engineering team that can deliver a strong product roadmap and field vendors with extensive experience in the freight industry,” said Viswanathan, CEO of Freightify.

Freightify is rapidly expanding in Europe, Australia and key regions in Asia Pacific, and is currently expanding in North America.

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