Freightify raises $12 Million in Series A funding led by Sequoia Capital, others

• ByStartupStory     |    February 2, 2023

Freightify has raised $12 million in Series A funding led by Sequoia Capital India, with participation from TMV and Alteria Capital, as well as existing investors Nordic Eye Venture Capital and Motion Ventures. The round includes both equity and debt.

It will use the funds to strengthen product offerings and add new functionalities, expand its global sales presence, build channel partnerships, strengthen marketing to drive growth, and raise brand awareness globally as it expands into new geographies and segments. The company will also actively recruit across geographies, particularly in Chennai.

“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, a vertical SaaS platform, is solving this problem by helping freight forwarders automate rate management and make everyday operational workflows fast and efficient so that they can focus on serving customers and growing their business,” he added.

Freightify’s SaaS platform enables freight forwarders to procure, manage, and quote freight prices (including any ancillary charges) in under two minutes. Forwarders can improve customer service by creating a digital storefront. It includes track and trace solutions that enable freight forwarders to obtain live vessel locations and automated milestones in seconds. 

Currently, more than 200 freight forwarding companies offering global logistics services in 45 countries use Freightify to digitise their operations.

Freightify, which is headquartered in Singapore and has a development team in Chennai, was founded in 2016 by Raghavendran Viswanathan, who previously worked in logistics, supply chain, and freight management for companies such as DHL and Panalpina.

Raghavendran said his 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 travellers to compare airfares, showing real-time rates on a single screen.”

Freightify has been expanding rapidly across Europe, Australia and key regions in Asia Pacific, and is currently expanding in North America.

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