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

• The round also saw participation from TMV and Alteria Capital and previous investors Nordic Eye Venture Capital and Motion Ventures.
  
• The freight rate management SaaS platform plans to use the funds to strengthen product offerings and expand its sales presence globally, among others.
  
• The company has raised a total of $14.5 million capital since its inception.
  
• Over 200 freight forwarding companies across 45 countries use Freightify.

Freight rate management SaaS platform Freightify on Thursday said it has raised $12 million in a Series A round of funding 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 funding round involves a mixture of equity and debt.

The company had previously raised $2.5 million in funding, bringing the total to $14.5 million raised so far.

The company will use the funding to strengthen product offerings and add new functionalities, expand its sales presence globally, build channel partnerships and strengthen marketing as it expands into new geographies and segments. It will also be hiring across geographies, 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 allows freight forwarders to procure, manage and quote freight prices (including all possible ancillary charges) in less than 2 minutes, reveals the company statement.

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

Over 200 freight forwarding companies providing global logistics services (across 45 countries) use Freightify to digitise 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 is headquartered in Singapore with a strong development team in Chennai. The company initially started as a marketplace for freight forwarders to conveniently search, book and track freight.

“Our mission is to democratise technology for freight forwarders. 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. We have a highly-skilled product and engineering team that can deliver on a strong product roadmap and salespeople on the field with deep experience in the freight industry,” Viswanathan, CEO of Freightify said.

Freightify has been expanding rapidly across Europe, Australia and key regions in the Asia-Pacific, and is currently expanding in North America.

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