China-based online shipping marketplace Freightos collected $44.4m in a series C round on Monday led by stock exchange Singapore Exchange (SGX).
GE Ventures, the corporate venturing arm of industrial conglomerate General Electric, also backed the round, as did Israel Cleantech Ventures (ICV), Aleph and unnamed, existing shareholders.
Founded in 2011, Freightos runs an online marketplace for air, ocean and trucking freight services, enabling clients to book and manage their shipments after running instant comparisons between providers. Freightos also produces automated freight sales technology.
The money will allow Freightos to further scale its business. The company said it has grown to more than 1,200 logistics providers and processes more than a million freight quotes per month.
Freightos will collaborate with SGX on the development of financial tools to offer greater transparency, agility and risk-mitigation.
The company has raised $94.4m in funding to date. GE Ventures led a $25m series B round in March 2017, following an initial $14m series B close in 2015 backed by Aleph, Annox Capital, ICV, OurCrowd, MSR Capital and Sadara Ventures
Annox Capital, Aleph, ICV and OurCrowd had already supplied $7.6m in funding in 2014.
Michael Syn, head of derivatives at SGX, said: “Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy.
“SGX is excited by the potential to develop risk management tools and services, and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”