SaaS company Freightify has raised $12 million in a Series A funding round led by Sequoia Capital India. The funding also saw participation from TMV and Alteria Capital along with existing investors Nordic Eye Venture Capital and Motion Ventures.
Freightify will use the funds to strengthen product offerings, expand sales globally, and add new features to its platform. It also aims to build channel partnerships, increase brand awareness, and strengthen marketing.
Raghavendran Viswanathan, CEO, Freightify, said, “Our 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 travelers to compare airfares, showing real-time rates on a single screen.”
Headquartered in Singapore, Freightify was founded by Raghavendran Viswanathan in 2016. The company provides freight forwarders a platform and e-booking tools to set up online stores. The company charges pay-per-use and is currently in the post-revenue phase. Freightify previously raised $2.5 million in seed funding in July 2021.
“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 help forwarders create a digital storefront and gives them track and trace solutions to make their business. The company is now expanding its business across North America, Europe, Australia and key regions in Asia Pacific.
