Freight marketplace Freightos secures $25 million in funding from GE Ventures

Freightos, a company specialising in freight logistics technology, has raised $25 million in a Series B round from lead investor GE Ventures.

The Israeli company’s funding round also included Aleph VC, Annox Capital, Gold Lion Holdings, ICV, Master Toys, MSR Capital, and OurCrowd.

The logistics sector has been neglected by digitisation, according to Dr Zvi Schreiber, CEO of the company, which launched the Freightos Marketplace last year.

“Freightos’ unique technology enables instant freight routing and pricing for top forwarders worldwide,” he said. “This same technology powers the Freightos Marketplace, where service providers can sell services online and import/export companies can compare, book, and manage shipments instantly.”

Clients include Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics, and Sysco Foods.

“Logistics digitization is a strong strategic complement for General Electric’s role as the world’s leading digital industrial company,” commented Jonathan Pulitzer, GE Venture’s managing director of Israel.

This latest round brings the company’s total funding to date to $50 million while last year it acquired Spanish cargo rate management provider WebCargoNet last August.