The pandemic has made it difficult for freight forwarders to keep track of rates in spreadsheets that they email customers. However, this is not always possible because prices constantly change. Freightify, also known as Shopify for maritime freight and a startup, offers white-label rate management tools and e-booking tools freight forwarders can use in setting up online shops. This reduces the amount of administrative work.Today, the startup announced that it raised $2.5 Million in pre-Series B funding. This was led by Nordic Eye Venture Capital with participation from Tradeworks VC and Venture Catalysts. 9Unicorns was also involved. Vinod Kumar Talreja, a returning investor, was also part of the round.Freightify serves customers in 10 countries. It plans to use some of its funding to expand to the United States and Europe. Freight forwarders that handle 250 to 100,000 shipments per year are its customers.Raghavendran Vishuthan, the company's chief executive officer, founded it in 2016. Freightify was originally FreightBro, a freight marketplace before it evolved into Freightify's automated rate management technology.Freightify claims that the platform has processed more than $400 million worth of freight revenue for customers, and an equivalent gross merchandise volume (of $2 billion)Freightify can integrate with existing freight forwarder transport management systems that track cargo movement. Freight forwarders can create an online Freightify store for their customers. They can compare rates, request quotes, book online, track shipments, and even make payments. Freightify pulls pricing data from ocean carriers such as Maersk, CMA–CGM and Evergreen. It also automates the entry offline rates from carriers that don't have APIs.TechCrunch was told by Viswanathan that freight rates were fairly static before the COVID-19 pandemic. Therefore, freight forwarders could share their freight rates with customers via spreadsheets. The pandemic brought new challenges.Viswanathan stated that the ocean freight transport industry is in flux. Since the outbreak of the pandemic, the industry has been in a downward spiral. For four consecutive quarters, freight rates have risen 500% in the past year.Other factors like the Suez Canal Blockage by Ever Given and pandemic-related delays at ports have made supply chains less predictable.Freightify is a platform that allows freight forwarders to show real-time rates, just like travelers who use it to compare airfares.Viswanathan stated that freight forwarders are similar to global trade agents. Air travel isn't as complex as global trade. Experts are needed to manage cargo through its entire lifecycle. Freight forwarders play an important role in lubricating the wheels.Freightify is developing a new product that allows customers to share data. This will make it easier for them to communicate across time zones and reduce the number of emails they have to send. The pilot for a closed group product is planned to take place at the end this year.Ib Drachmann, Nordic Eye's investment manager, stated that it was exciting to work with a dynamic organization that is ambitious and has high potential for making a significant digital impact on international freight forwarding.
