Freightos, a startup that wants to digitize more of the international logistics process, announced today that it has raised a $25 million Series B extension round led by GE Ventures, General Electrics’ venture capital arm.
This brings the total funding raised by Freightos, which was founded in 2012 and is based in Hong Kong, to $50 million. Its initial Series B of $14 million closed in 2015.
Founder and CEO Zvi Schreiber says Freightos added GE Ventures to the round because one of his previous companies, Lightech, was acquired by the conglomerate in 2011. Schreiber wanted to continue working with GE, which he describes as an important strategic investor for Freightos.
“GE is such a big industrial company and it is helpful to us because it gives us insight into the world’s biggest shippers,” he told TechCrunch. “They are potentially a big customer for Freightos.”
The startup’s new capital will be used to launch Freightos Marketplace, which Schreiber describes as “booking.com, but for international shipping,” into more countries. The service lets customers compare freight-forwarding quotes and book online and is currently available in China, Hong Kong, Taiwan and the U.S. Freightos’ goal is to expand to the rest of Asia and Europe.
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