The logistics technology company Freightos has announced that they have completed a $25 million Series B extension. The extension was led by GE Ventures and has also had other investors which means that they have been able to generate a total of $50 million in funding.

The logistics company is focusing on putting freight transport online, and the new funds will be used in order to allow the Freightos Marketplace to be accessed around the world. The funding will also allow the company to continue to improve its software suite which will allow for global freight pricing as well as routing and the automation of sales.

The logistics technology company started the Freightos Marketplace in 2016 and since then ist has grown a considerable amount. There has been a 600% increase in the orders that have gone through the site within the first six months. The platform has more than 10,000 users registered to it and also has dozens of sellers which include freight forwarders that are in the top twenty globally.

It is thought that this platform will shepherd in more digital logistics solutions, especially now it is easier to import and export n a worldwide scale. The logistics sector has plenty of opportunities for digitalization and Freightos’ technology can allow instant routing services and pricing for companies. The Marketplace offers an opportunity for service providers to sell their services via an online space as well as allowing import and export companies to instantly compare and manage their shipments.

It is thought that Freightos already provides a digital platform for more than 1,000 logistics providers as well as global supply chain companies. Companies that are already using the service include Nippon Express, CEVA Logistics and Hellmann Worldwide Logistics. Freightos has managed to raise a total of $50 million and employs 150 people that are also based in offices around the world.