Xeneta raises $12M Series B to crack open ocean freight pricing

Xeneta, the Oslo, Norway-primarily based startup that delivers a crowdsourced rate comparison support for ocean freight, has raised $twelve million in Collection B funding.

Primary the round is London-primarily based Smedvig Capital, with participation from present buyers, including Creandum, and Alliance Enterprise. It brings complete raised considering the fact that Xeneta was established in 2012 to $20.5 million.

Aiming to disrupt the customarily opaque $200 billion-additionally container shipping and delivery industry, Xeneta has designed what it describes as an “ocean freight benchmarking and industry intelligence” platform that relies on the ‘crowd’ to share information on container shipping and delivery costs from shipper and freight forwarders.

The notion is to crack open ocean freight pricing and deliver significantly bigger visibility into industry ordinary costs on upwards of a hundred and sixty,000 world-wide trade routes. I’m informed the business has crowdsourced about 23 million shipping and delivery costs, enabling it to present these costs back again to the marketplace in true-time.

Shoppers consist of Kraft Heinz, Electrolux, Continental, Thyssenkrupp, Akzo Nobel, Brother Worldwide, in addition to top suppliers in the automotive, chemical and retail industries.

In the meantime, Xeneta says the new money will be utilized to fund the startup’s continued world-wide growth and for products growth.