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For freight forwarders, procuring pricing knowledge for his or her prospects normally entails going to a number of sources, after which consolidating data into spreadsheets. That’s time-consuming and complex, particularly since pricing knowledge continuously modifications. Freightify needs to make the method so simple as evaluating airfare with its vertical SaaS platform.
The Singapore-based startup introduced right this moment it has raised a $12 million Sequence A led by Sequoia Capital India, with participation from Path Combine Ventures and Alteria Capital. The spherical additionally included returning traders Nordic Eye Enterprise Capital and Movement Ventures.
TechCrunch final coated Freightify in July 2021, when it raised $2.5 million in seed funding. Freightify is now utilized by greater than 200 freight forwarding firms in 45 nations, and says its income has tripled over the past 12 months. The corporate refers to itself because the “Shopify for maritime freight” as a result of it offers white-label charge administration and e-booking instruments for freight forwarders to arrange on-line shops. The startup’s SaaS platform additionally offers observe and hint options to let freight forwarders see the stay location of vessels.
The startup was based in 2016 by Raghavendran Viswanathan as a freight market earlier than pivoting into an automatic charge administration system, in a transfer he compares to Shopify’s evolution from a web based snowboard retailer to e-commerce ecosystem.
Viswanathan mentioned pricing knowledge from transport liners, non-vessel operators, land carriers and consolidators come in several codecs and currencies, which suggests freight forwarders must consolidate all the information manually. Gathering freight charges normally entails sending a number of emails, taking a look at PDF paperwork, filling spreadsheets and retaining browser tabs with pricing knowledge open. Then sharing it with prospects can take a pair days, relying on how advanced their requests are. Freightify’s charge administration and quoting options means freight forwarders can procure and quote freight costs in lower than two minutes, together with attainable ancillary modifications.
Freightify is at the moment post-revenue and its pricing packages are pay-per-use. Viswanathan mentioned that Freightify’s primary rivals are nonetheless spreadsheets and “the reluctance of freight forwarders to make use of expertise,” however extra are prepared to undertake expertise, thanks partially to the drive towards digitization prompted by the pandemic.
There are extra marketplaces and digital forwarders rising in several markets, and a part of Freightify’s aggressive technique is promoting a SaaS product. “The business is just not a winner take all market and freight forwarders can acknowledge a helpful answer after they see one,” Viswanathan mentioned.
Freightify’s new funding shall be used on product growth and launching new options, rising its worldwide gross sales group, channel partnerships and advertising and marketing.
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