Freightify Raises $2.5M Funding Led By Nordic Eye Venture Capital In Pre-Series A Round

• ByAyushi Ray     |    July 27, 2021

Ocean rate management platform Freightify raises $2.5M funding led by Nordic Eye Venture Capital in pre-Series A round. Apart from Nordic Eye, other investors who participated in this round of funding are – Tradeworks VC, Venture Catalysts, 9Unicorns, Blume Founders Fund, and existing investor Vinod Kumar Talreja.  Raghavendran Viswanathan, CEO and Co-founder of  Freightify, said, “We founded Freightify with the belief that the future of technology in freight forwarding should be democratised and made available for everyone. The current capital expansion from the right partners cements this belief and helps us add value to the maritime industry across the world.” Using this funding, the company wants to expand in US and UK markets. The startup also plans to invest in its product ecosystem covering other stakeholders of the container supply chain.  Freightify stated it handles more than $400 million in freight revenue for customers and a corresponding GMV of $2 billion while the SaaS model can scale as the customers grow. 

“Exciting to follow a dynamic and ambitious organisation that has great chances of making a huge digital impact in international freight forwarding. We encourage the global outlook and are impressed by the common vision for the company,” said Nordic Eye’s Investment Manager Ib Drachmann. The platform features a suite of pricing and sales tools for the ocean freight industry and claims to be serving customers across 10 countries. According to the company, their main aim is to make things easier for small and mid-size freight forwarders who have little to zero knowledge about technology expertise to set up an online own branded storefront. This store is powered by data from various sources, including live prices from ocean carriers like Maersk, CMA CGM, Evergreen, etc. At the same time, offline contract rates from other carriers are automated in real-time for easy comparison. This can be easily integrated with the freight forwarders’ TMS systems for operations and fulfilment. 

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