TechNation: Freightos Raises $44 Million in Fundraiser Led by Singapore Exchange

Freightos said on Monday it had raised $44.4 million in a funding round led by Singapore Exchange to further scale its online international freight marketplace

Container ship Irem Kalkavan is guided by a tug boat as she arrives at the Port of Haifa in Haifa, Israel.
Ariel Jerozolimski/Bloomberg

Freightos raises $44 million in fundraiser led by Singapore Exchange

Freightos said on Monday it had raised $44.4 million in a funding round led by Singapore Exchange to further scale its online international freight marketplace. Since its launch in mid-2016, Freightos’ marketplace has expanded from price comparison to instant booking, online shipment management, tracking and communication. The company said it has a network of over 1,200 logistics providers. Its database drives the Freightos Baltic Index, a container freight index in collaboration with the Baltic Exchange, which is part of the SGX group. Together with Freightos, SGX will explore the development of financial instruments, beginning with enhancements to the FBX index shifting to daily reporting from weekly. Freightos is headquartered in Hong Kong with a base of operations in Jerusalem — where the CEO sits — and an R&D center in Ramallah. It has raised $94.4 million and existing Freightos investors including General Electric Ventures and Israel’s ICV and Aleph joined the latest investment round. (Reuters)

Argus Cyber Security offers staff scooters in place of free marketing

Argus Cyber Security, an Israeli automotive cyber security startup, has coaxed most of its employees into going green by giving up their cars in favor of electric bicycles or scooters. The company said that 70 of its 120 employees signed on to an offer under which they would give up their free parking places at the central Tel Aviv headquarters if they agreed to use a bike or scooter paid for by the company for at least a year. Argos said it didn’t expect to save money from the plan, calling it a “values solutions not an economic one.” For employees who don’t have cars, Argos said it would donate the value of the deal to a nonprofit of their choice. “We are enabling employees to park their cars four times a month if they need to come to work by car or because of winter weather,” said Chief Marketing Officer Yoni Heilbronn. (TheMarker Staff)

Parking app company Pango is worth NIS 93 million, deal shows

Pango, the popular Israeli parking app, is worth about 93 million shekels ($25.9 million), according to the terms of a recent sale of shares in its parent company Milgam Municipal Services. The Israel Infrastructure Fund sold its 36% in Milgram last week for about 100 million shekels in a deal that valued all of Milgram at 280 million shekels. Pango, which has nearly 1.9 million subscribers for its parking app and is used three millions times monthly, accounts for about a third of Milgram’s value, sources said. If that is correct, it means that Pango’s value has grown six-fold since 2011 when Unicel Technologies bought 50% of Milgram in a deal with an implied 15 million value for Pango. Pango allows drivers to pay for parking on the street and in parking garages by using their cellphones. With valet parking Pango lets attendants know the user is on the way back to the garage and to have their car ready. (Assa Sasson)

European Investment Fund makes first investment in Israel

The European Investment Fund said on Thursday it was making its first ever equity investment in Israel, putting $20 million into the ICV III venture capital fund. The investment is linked to Israel’s participation in Horizon 2020, the European Union’s program for research and innovation, said the EIF, which is part of the European Investment Bank. ICV’s fund will invest in Israeli seed and early-stage companies developing software, hardware and infrastructure in the areas of resource efficiency and sustainability. ICV is in the process of raising $75 million for the new fund and expects to complete the fundraising in the next few months. “As an anchor investor EIF is committed to crowding additional resources from other entities ... so that ICV can reach its target size of $75 million,” EIF CEO Pier Luigi Gilibert told a news conference. He added that the EIF’s board was expected to soon approve an equity deal with another fund in Israel. (Reuters)