Watch Now

Xeneta raises $80M to help shippers ‘rethink’ freight procurement

Global freight rate intelligence platform reaches $265M valuation

Xeneta raises $80 million led by Apax Digital. (Photo: Jim Allen/FreightWaves)

Xeneta announced Tuesday it has raised $80 million to accelerate development of its freight rate benchmarking and intelligence platform.   

The raise was led by Apax Digital with participation from Lugard Road Capital. Since 2013, Oslo, Norway-based Xeneta has raised over $135 million and says it’s now valued at $265 million.

Co-founder and CEO Patrik Berglund told FreightWaves last year that in order to bring transparency to ocean freight rating systems, Xenata partnered with buyers rather than carriers. “We started crowdsourcing shipping rates by going to the [retailers]. We would get their freight prices and then we would aggregate that.” 

That was just as rates began to swell, and while demand has begun to bring those rates down, the volatility of the market has shippers looking for transparent rating tools to help make their procurement and financial decisions.

Spot rates in dollars per FEU from Shanghai to LA. SONAR Ticker: WCI.SHALAX

“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 rethink of how freight is bought and sold. This new funding will help us accelerate development of our platform and add even more data sets to enrich our expert industry analyses to further drive transparency in the market,” said Berglund. 

Funding detailsXeneta
Funding amount$80 million
Funding roundLater stage (7th round)
Lead investorApax Digital
Secondary investorLugard Road Capital
Business goals for the roundExpand global sales teams and invest in platform development
Post-money valuation$265 million 
Total funding$135.46 million*
*according to Pitchbook

With high-growth investors like Apax Digital, Xeneta and its customers, including Unilever, Nestle, Zebra Technologies, Thyssenkrupp, Volvo, General Mills, John Deere and Procter & Gamble, can look forward to the accelerated growth of products coming from their global shipping intelligence vendor.

“Buyers and sellers of freight have been flying blind in a complex and opaque market. Xeneta’s world-leading data set and cutting-edge platform provide unique access to granular real-time information and insight, enabling data-driven freight sales and purchases,” said Apax Digital partner Mark Beith, who joins Xeneta’s board of directors as part of the deal.

“This delivers compelling value for their blue-chip customer base — not just in sales or procurement, but also in budgeting and reporting and increasingly in ESG monitoring. We’re thrilled to partner with Patrik and the Xeneta team and help deliver their vision,” Beith said.

Watch now: Why is picking the right carrier crucial?

Read more

Asia-US container shipping rates are flashing two bearish signals

GSCW chat: Shippers face big risks from trans-Pacific contracts

Sagging air cargo market shows turnaround potential

Leave a Reply

Your email address will not be published.

Grace Sharkey

Grace is an entrepreneur and former supply chain executive who has held positions in sales, operations, and consulting. She is passionate about the future of the industry and how technology can improve the experience for all supply chain members. She believes supply chain is the one industry that affects every human directly, and is looking forward to creating content that mirrors that sentiment. If you have a story to share, please contact me at [email protected]