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TRANSPORT & LOGISTICS | Staff Reporter, Singapore

SGX leads US$44.4m funding round for online freight marketplace

It has helped Freightos to raise a total of US$94.4m.

The Singapore Exchange (SGX) led $60.96m (US$44.4m) Series C funding round for online freight marketplace Freightos which is headquartered in Hong Kong, an announcement revealed.

Freightos and SGX will team up to delve into the development of financial instruments to introduce the transparency, agility and risk-mitigation that other industries already enjoy, beginning with enhancements to the Freightos Baltic Index (FBX) container freight index shifting to daily reporting.

“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,” SGX head of derivatives Michael Syn said.

Other investors joining the round are General Electric Ventures, ICV, Aleph, amongst others. With the new injection, Freightos has raised a total of $129.61m (US$94.4m).

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