Freight data platform Xeneta raises funding to expand
14 / 09 / 2022
Sea and airfreight data provider Xeneta has raised $80m in funding that will be used to expand its commercial team and invest in developing the platform.
Xeneta, which acquired airfreight data firm CLIVE Data Services in January, said the investment was led by private equity advisory form Apaz, with participation from NY-based Lugard Road Capital.
Apaz said it was attracted to the platform’s ability to provide visibility on pricing as supply chains become increasingly important to companies.
Mark Beith, partner at Apax Digital, who will join Xeneta’s board of directors, said: “Buyers and sellers of freight have been flying blind in a complex and opaque market.
“Xeneta’s world-leading dataset and cutting-edge platform provide unique access to granular real-time information and insight, enabling data-driven freight sales and purchases.”
Xeneta founder and chief executive Patrik Berglund explained how the funding would help expand the business.
“While global trade tries to get back on its feet after a couple of years of uncertainty, it’s clear that the overall logistics industry requires a re-think of how freight is bought and sold,” he said.
“This new funding will help us accelerate development of our platform and add even more datasets to enrich our expert industry analyses to further drive transparency in the market.”