Hong Kong freight services platform raises $14m
Hong Kong-based freight services platform Freightos has raised a $14 million Series B round from a clutch of investors.
Participants in the funding round included newcomers MSR Capital and Sadara Ventures, along with existing investors Aleph VC, Israel Cleantech Ventures, Annox Capital and crowdfunding platform OurCrowd. Most of the investors are based in Israel.
In a statement, Freightos founder Zvi Schreiber said that the new capital will be used to fuel the company's global growth. Freightos also announced the private beta-testing launch of its online freight marketplace, which allows companies to shop for shipping options and organize them by speed, price, type of transportation, and other criteria.
The platform is meant to simplify shipping for companies that require global cargo services. Currently shipping overseas involves navigating a large number of barriers, including customs, taxes, licenses and port fees. Freightos aims to collect all of the needed information and present it in a consistent and understandable format.
Several Asian start-ups are attempting to take advantage of the global appetite for logistics services. Earlier this year China's Olymtech, a producer of cloud-based software aimed at organizing logitscitcsd services, raised $20 million from IDG Capital Partners, Matrix Partners and Yunqi Ventures. Around the same time, MBK Partners acquired Chinese air freight operator Apex International Corporation for about $85 million.
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