Freightos, an Israeli pioneer in logistics technology, has launched the world’s first online marketplace for international freight, providing instant comparison, booking and management of freight services from multiple logistics providers.
Initially the product is focused on US imports from China by air and ocean, the largest trade lane in the world.
The company says that “90 percent of everything we eat, wear, and use is shipped. But online sales and automation for the trillion-dollar freight industry is non-existent. We believe that process of moving goods around the world should be smooth. So we’ve created the online freight marketplace and SaaS software to usher the logistics industry into the digital era, making global shipping faster, more cost-effective and smoother.”
Founded in December 2011 by serial entrepreneur Zvi Schreiber, Freightos is incorporated in Hong Kong and has a sales, marketing and product development team in Jerusalem. It also has offices in Europe and the United States.
“The logistics industry is the backbone of global trade. At $4 trillion it accounts for about 10% of the world’s GDP. But this foundation of the international economy is slow, opaque and offline,” said Schreiber in a press announcement on July 26.
“Over the last four years, Freightos has brought some of the world’s largest logistics providers online. Today we are thrilled to launch the world’s first online marketplace, which will make shipping goods as easy as booking a flight online. The future of global trade starts today.”
Freightos has raised $23.3 million from Israeli venture funds including OurCrowd and Aleph (of which it is currently a portfolio company). The company was named a Gartner Cool Vendor for Supply Chain Services (2016) and one of Fast Company’s Top 10 Most Innovative Companies in Israel (2015).
Prior to this launch, Freightos automated millions of freight price quotes for some of the world’s largest freight forwarders including Nippon Express, Hellmann Worldwide Logistic, and CEVA Logistics, as well as supply-chain companies including Sysco Foods, Panasonic USA and Marks & Spencer.