Xeneta is a leading ocean freight benchmarking and market intelligence software platform based out of Oslo, Norway.
The firm today announced it has secured $12 million in a series B investment round from London-based Smedvig Capital. The round also saw the participation of existing investors including Creandum and Alliance Venture.
Xeneta will use the fresh funds to further accelerate its global expansion and strengthen its product development as well as the technology platform.
As a part of the investment round, Rob Toms, a Managing Director at Smedvig, will join Xeneta’s board of directors. The board includes Xeneta’s earlier investors Creandum, Point Nine Capital, Alliance Venture, and Alden. Post the financing, the total capital raised by Xeneta since 2012 amounts to $20.5 million. In a statement, Rob said,
The business has already had a major impact in the $200bn+ container shipping market, and we are confident that Xeneta will continue to drive change in the ocean freight and related markets.
Patrik Berglund, CEO & Co-founder at Xeneta says in an official statement that they were seeking a venture capitalized who shares same strategic long-term outlook as theirs. He adds,
One thing that was particularly appealing about Smedvig was that their founding roots stem from the shipping industry. That coupled with their experience in scaling enterprise technology businesses in traditional industries globally made it a perfect fit for us.
Xeneta has managed to position itself as the leading container pricing platform and challenged the status quo of the traditional volatile shipping industry. It simply digitizes the crowdsourcing of ocean container prices. This way it has built a complete global container pricing index bringing pricing transparency to all stakeholders in international container trade.
Incorporated in 2012, Xeneta’s clienteles include global market leaders such as Kraft Heinz, Electrolux, Continental, Thyssenkrupp, Akzo Nobel, Brother International, in addition to the world’s leading suppliers in the automotive, chemical and retail industries. In just 2 years, it has grown in its database of contracted shipping rates from 2 million in 2015 to 23+ million in 2017, simultaneously increasing its revenue by 200% in 12 months.
The company has offices in Oslo, Hamburg and is all set to establish a presence in the U.S. east coast, currently New York.
