Forwarding, Freight News

Freightos to launch in the UK

[ June 6, 2017   //   ]

Since its launch in 2016, the Freightos Marketplace has provided freight comparison, booking, and management of freight services in the US and the UK has now been selected as the first new market. It will be followed by a rollout into other major trading hubs.

Freightos says that while the UK is the ninth-largest exporter and fourth-largest importer worldwide, with combined annual global trade valued at £797 billion, its technology is stuck in the 1970s. Companies waste days on freight quoting and overpay on shipping by as much as 40%.

Freightos says it can change that with sophisticated pricing/routing algorithms, the world’s largest freight rate database, and dozens of online sellers that aim to make global trade as seamless as booking flights online.

Freightos’ software-as-a-service is being used for internal freight quotes by forwarders including CEVA Logistics, Nippon Express, Hellmann World Logistics, and it offers freight rate management and pricing and routing optimization for supply chain companies including Sysco Foods, Panasonic USA, and Marks & Spencer. The heart of the system, it says, is a freight pricing and routing engine, and a database of hundreds of millions of ocean, air and land freight price rates, updated daily.  Freightos investors include Aleph VC, Annox Capital, Gold Lion Holdings, ICV, Master (HK) Toys, MSR Capital, OurCrowd and Sadara Ventures.

Freigtos founder and chief executive , UK-born Dr Zvi Schreiber, said: “Our team has been pursuing frictionless global trade for years and we’ve now reached the tipping point. By expanding to the UK, we’re making global freight easier for UK retailers, importers, manufacturers, and exporters. Global trade has reached record heights. It’s now time to turn towards technology to help propel it even further.”

He predicted that automation and transparency will help counteract the impact of Brexit.