Freight rate management SaaS platform, Freightify, has raised $12 million in Series A funding led by Sequoia Capital India. TMV and Alteria Capital also participated, along with existing investors Nordic Eye Venture Capital and Motion Ventures. Both debt and equity are involved in the round.
As it enters new geographies and functional areas, it will utilise the funds to improve its product offerings and add new functionalities, increase brand awareness globally, build channel partnerships, extend its global sales presence, and strengthen its marketing initiatives. Additionally, the company will actively hire throughout all regions, especially in Chennai.
“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,” said Mayank Porwal, VP, Sequoia India.
“Freightify, a vertical SaaS platform, is solving this problem by helping freight forwarders automate rate management and make everyday operational workflows fast and efficient so that they can focus on serving customers and growing their business,” he added.
The company has previously raised $2.5 million in funding, bringing the total to $14.5 million.
Freightify’s SaaS platform allows freight forwarders to procure, manage, and provide quotes for freight pricing (along with any applicable ancillary fees) in less than two minutes. To better assist their customers, forwarders can set up a digital storefront. It features track and trace solutions that give freight forwarders instant access to real-time vessel locations and automatic milestones.
Currently, Freightify helps more than 200 freight forwarding companies that offer global logistics services across 45 countries to digitise their business.
In 2016, Raghavendran Viswanathan, who had previously worked in logistics, supply chain, and freight management for DHL and Panalpina, founded Freightify, which has its headquarters in Singapore and a development team in Chennai.
Raghavendran said his 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.”
In addition to expanding in North America, Freightify has been rapidly expanding across Europe, Australia, and key regions in the Asia Pacific.