A global pandemic, geo-political uncertainty, and climate-related events have led to an unpredictable market where supply and demand continue to shift, leaving supply chain, logistics, and transportation professionals scrambling for visibility. As organisations undergo efforts to navigate instabilities in the market, access to readily available and actionable freight rate data has emerged as a strategic priority.
Enter Oslo-based ocean and air freight rate benchmarking platform and container shipping index, Xeneta. The startup is making waves with $80 million raised in funding at a $265 million valuation. The new splash of investment will allow Xeneta to accelerate investments in platform development. The startup plans to expand into new markets as companies seek to develop resilient supply chains to counter global trade volatility.
The startup is digitising the overall freight procurement or selling operations by providing access to an unrivaled amount of rate data. The company claims its data comprises more than 300 million contracted container and air freight rates and covers more than 160,000 global trade routes. The platform delivers further value by providing data and insights on capacity, reliability, blank sailings, detention and demurrage, dynamic load factor, emissions data, and more.
Xeneta CEO and co-founder Patrik Berglund said: “While global trade tries to get back on its feet after a couple of years of uncertainty, it’s clear that the overall logistics industry requires a re-think of how freight is bought and sold. This new funding will help us accelerate development of our platform and add even more datasets to enrich our expert industry analyzes to further drive transparency in the market.”
Xeneta’s current customer portfolio includes the likes of Electrolux, Unilever, Nestle, Zebra Technologies, Thyssenkrupp, Volvo, General Mills, Procter & Gamble, and John Deere.
Mark Beith, partner at Apax Digital added: “Buyers and sellers of freight have been flying blind in a complex and opaque market. Xeneta’s world-leading dataset and cutting-edge platform provide unique access to granular real-time information and insight, enabling data-driven freight sales and purchases. This delivers compelling value for their blue-chip customer base – not just in sales or procurement, but also in budgeting and reporting, and increasingly in ESG monitoring.”