The global freight procurement platform, which recently added track and trace functionality, said it will use the funds to broaden sales efforts in Asia and Europe.
The global online freight procurement platform Haven said Wednesday that it has secured a new round of $11 million in investor funding to aid development of its technology.
Haven is used primarily to book ocean freight and airfreight capacity in an automated marketplace environment. In March the company added track and trace capability for shipments booked via its platform.
Unlike other similar freight marketplace platforms that have emerged in recent years, including Fleet and SimpliShip, Haven connects shippers directly with carriers. The other platforms connect shippers with forwarders.
It’s designed to allow shippers to get access to capacity they would ordinarily only get through time-consuming email or phone inquiries. For carriers, the Haven marketplace is intended to help them sell through capacity without the dedicated sales efforts generally attached to those initiatives.
“Rate volatility is currently a serious problem for both sides of the industry,” said Haven Chief Executive Officer Matt Tillman. “Freight is the largest variable cost for many shippers and technology has the power to smooth volatility. Incorporating data and increasing automation reduces overall supply chain risk. Automating freight procurement will transform global trade, and this financing enables us to remain focused on technology.”
Haven recently opened its European headquarters in Basel, Switzerland. The funding is also intended to help increase sales in Europe and Asia, where it has an office in Singapore. Its U.S. office is in San Francisco.
The latest funding round was led by Spark Capital and joined by new investor AITV, with follow on funding from existing investors O’Reilly Alpha Tech Ventures, Data Collective, and First Round Capital. Kevin Thau, general partner at Spark Capital, will join the Haven board.
Freight marketplace Haven nabs $11m in new funding
