Freight management SaaS startup Freightify has raised $12 million in a Series A funding round, a mix of equity and debt, 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 startup plans to use the funding to strengthen product offerings and add new functionalities, expand sales presence globally, build channel partnerships, strengthen marketing to drive growth, and increase brand awareness globally. It also plans to hire talent across geographies, especially in Chennai.
Founded in 2016 by Raghavendran Viswanathan, Freightify initially started as a marketplace for freight forwarders to conveniently search, book and track freight. Since then, it has expanded its offerings; today, Its platform allows freight forwarders to procure, manage, and quote freight prices (including all possible ancillary charges) in less than two minutes.
Forwarders can create a digital storefront to serve customers better. It includes track and trace solutions that help freight forwarders in getting live locations of vessels and automated milestones within seconds.
The startup claims that more than 200 freight forwarding companies providing global logistics services—across 45 countries—use its services to digitise their business.
“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 travellers to compare airfares, showing real-time rates on a single screen. We have a highly-skilled product and engineering team that can deliver on a strong product roadmap and salespeople on the field with deep experience in the freight industry,” Viswanathan, CEO of Freightify said.