Last week Freightos Limited, a freight booking and payment platform, announced the successful combination with special-purpose acquisition company Gesher I, and is now listed on Nasdaq
The combined company will operate as Freightos Limited and will now start trading its ordinary shares and warrants on the Nasdaq under the ticker symbols CRGO and CRGOW, respectively.
Freightos connects hundreds of airlines, ocean liners, and trucking companies, thousands of freight forwarders and over 10 thousand importers/exporters, through a transparent digital platform that allows real-time global freight rate comparison, booking, payment, and shipment management.
The company handled nearly 700 thousand digital booking transactions last year, with sales of around $600 million, representing 154 percent growth compared to 2021.
Freightos will use the capital raised from the combination in further scaling the business, increasing transaction growth and revenue and further developing the technology stack, to drive additional value for customers, and improve margins.
Freightos was inspired by the successful digital revolutions in passenger travel, retail, financial services, and other industries, and is aiming to bring similar efficiency and transparency to the massive but largely offline international freight industry.
Zvi Schreiber, chief executive, said the company had an outstanding 2022, despite declining freight rates and volumes, with results in 2022 and Q4 beating internal targets despite negative market trends, thanks to digitalisation.
“We are delighted to have constructive partnerships with an increasing number of carriers, freight forwarders and importers/exporters who are committed to digitalization.”
“Freightos’ platform has set new transaction records in every quarter since we announced our business combination, which demonstrates the Company’s immense potential and traction,” added Gesher’s chief Ezra Gardner, who is now joining the Freightos board of directors.
“The company is the only pure-play global freight platform with publicly-traded securities, enjoying positive unit economics, high gross margins, a strong growth trajectory, impressive customer retention, and a vast total addressable market.”
Freightos raised over $80 million from the transaction, exceeding the previously announced committed capital. This includes $10 million from Qatar Airways and $60 million from M&G Investments and The Prudential Assurance Company Limited.