Online Freight Rate Management Systems Freightify has raised $12 million in its Series A round led by Sequoia Capital India with participation from TMV and Alteria Capital. The round also saw participation from existing investors Nordic Eye Venture Capital and Motion Ventures.
The firm had previously raised $2.5 million in funding, bringing the total to $14.5 million raised so far.
According to Freightify, the funds will be used to strengthen product offerings and add new functionalities, expand the sales presence globally, and build channel partnerships. It will be actively hiring across geographies, especially Chennai.
Founded in 2016 by Raghavendran Viswanathan, Freightify’s SaaS platform allows freight forwarders to procure, manage and quote freight prices (including all possible ancillary charges) in less than 2 minutes. Additionally, it includes track and trace solutions that help freight forwarders in getting live locations of vessels and automated milestones in a quick time.
The firm claims that over 200 freight forwarding companies providing global logistics services (across 45 countries) use Freightify to digitize their business.