Hong Kong-headquartered online cargo marketplace Freightos has raised $44.4 million in a funding round led by investment company Singapore Exchange (SGX), bring its fundraising revenues at $94.4 million to date.
Freightos’ online marketplace has evolved since the company’s launch as an online freight shipment price comparison tool in 2016, With over 1,200 logistics companies using its platform, the company continues to add capabilities. In July, Freightos announced a new feature in partnership with Lufthansa Cargo that allows forwarders to compare rates and book air cargo space instantly.
Returning to Freightos’ latest round of fundraising, the company’s ties to SGX are not new. Freightos this year, launched a container freight index called the Freightos Baltic Index (FBX). The index is a result of collaboration between the maritime organization Baltic Exchange, which is part of the SGX group.
Looking forward, the two companies plan to further their collaboration and “explore the development of financial instruments,” starting with enhancements to the FBX index, shifting from weekly to daily reporting.