Freight rate management SaaS platform Freightify has raised $12 million in a Series A round of funding led by Sequoia Capital India with participation from TMV and Alteria Capital. The round also includes participation from previous investors Nordic Eye Venture Capital and Motion Ventures. The funding round involves a mixture of equity and debt.

Freightify claims to power the digital transformation of Freight forwarders through its suite of proprietary products. 

Prior to this round, the company raised $2.5 million in funding, bringing the total to $14.5 million raised so far. 

It will use the funding to strengthen product offerings and add new functionalities, expand its sales presence globally, build channel partnerships, strengthen marketing to drive growth and increase its brand awareness globally due to its expansion plans. The company will also spend money on hiring. 

Raghavendran Viswanathan the CEO of Freightify, commented, “Our mission is to democratise technology for freight forwarders.  We try to solve their challenges through our comprehensive SaaS platform giving them and their customers a live pricing platform like the ones used by travelers to compare airfares, showing real-time rates on a single screen.”

“ We have a highly skilled product and engineering team that can deliver on a strong product roadmap and salespeople on the field with deep experience in the freight industry. We are building out a strong marketing function,” he added. 

Ib Drachmann, existing investor at Freightify, Nordic Eye’s Investment Partner and Manager, said,  “We have been impressed by the common vision of the company to democratize technology for the freight forwarding ecosystem. We are happy to see the scale at which Freightify has been growing, adding new logos globally and strengthening its product capabilities. Hence, we are doubling down on backing Freightify.”