Procuring customer pricing data involves a long process, making it complex and time-consuming for freight forwarders. Therefore, Freightify plans to simplify the process.
Freightify is a startup based out of Singapore that has raised $12 Mn in ‘Series A’ that was hosted by Sequoia Capital India. In this, Alteria Capital and Trail Mix Ventures participated. Returning investors ‘Motion’ Ventures and ‘Nordic Eye’ Venture Capital were also a part of the round.
Freightify is being used by 200+ freight forwarding firms across 45 countries and has its revenue tripled over the last year. It enables freight forwarders to launch online storefronts by providing white-label rate administration and e-booking systems. The SaaS platform of the firm also offers track and trace options so that freight forwarders may view the real-time whereabouts of vessels.
It was established by Raghavendran Viswanathan in 2016 as a freight marketplace and then it later pivoted to an automated rate management system. Raghavendran says that Shopify has drastically evolved from an online snowboard store to an e-commerce marketplace.
According to Viswanathan, pricing information from shipping companies, land carriers, non-vessel operators, and consolidators comes in a variety of forms and currencies, necessitating human data consolidation on the part of freight forwarders.
Typically, gathering freight quotes entails sending numerous emails, completing spreadsheets, studying PDFs, and keeping browser tabs with pricing information open. Depending on how complex the clients’ needs are, communicating with them may take a few days. Freight forwarders can obtain and quote freight pricing, including any ancillary adjustments, in less than two minutes with the help of Freightify’s rate management and quoting services.
The additional money for Freightify will go into marketing, expanding its foreign sales force, new feature development, and channel partnerships.