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A Step Forward for Freightos

The StartmeupHK Venture Programme 2014 Grand Award Winner chose Hong Kong as the city from which to scale its business globally.

The freight forwarding industry is still highly manual and conservative. It can take one to four days to get a quote for international cargo shipments. Freightos has successfully automated the routing and pricing of freight including all the intricacies of ocean, air, and land transportation. With Freightos, freight forwarders can quote instantly for even the most complex routes. Freightos provides dozens of leading global freight brokers and major import/export companies around the world with automated rate management and quoting solutions, leveraging big data technology to generate instant, door-to-door freight quotes in seconds.

“Hong Kong is a global leader with regard to both technology adoption and freight shipping. At the heart of the supply chain for decades, Hong Kong houses the largest cargo airport in the world, one of the top 10-busiest ports and a network of freight companies. Combined with its rapid technology adaption capability, all these make Hong Kong an ideal hub for expanding Freightos’ global presence,” Dr Zvi Schreiber, Founder and CEO, said.

A Step Forward for Freightos

The Hong Kong office is now Freightos’ global headquarters and one of the key functions is Asia sales. As the company continues to expand, there is potential to hire additional support in the Hong Kong office.

Schreiber’s vision is to change the way freight services are bought and sold and to help logistics providers and shippers generate full freight bookings and quotes in seconds. The ultimate goal is to have Freightos permeate throughout the global supply chain. The scale of trade flow between east and west makes Hong Kong the ideal market to begin the freight revolution.

Schreiber found the StartmeupHK week and StartmeupHK Venture Forum in November 2014 illuminating. As a grand award winner, Freightos benefited from the award prizes, particularly the free workspace. “The process of winnowing down the hundreds of startups to the dozen that are poised to change the world was done very professionally and the content throughout the StartmeupHK week provided us with fantastic insights into the latest startup trends,” he said.

Think Big

Freightos has raised about US$10 million from investors around the world. One of the most recent investors is Robert Mylod, former CFO and Chief Strategy Officer of Priceline.

Here are some tips for aspiring entrepreneurs from Schreiber. “Think big and surround yourself with people who think big as well. The idea for Freightos came to me when I was the CEO of a company that needed to ship globally. I couldn’t believe how inefficient the industry was. When I sold my previous company, I decided to take the challenge head-on. Creating a core team that believes in the vision and has the experience to advance this venture continues to drive Freightos forward,” he said.

Jonathan Sternberg, InvestHK’s consultant based in Jerusalem, and InvestHK’s ICT team based in Hong Kong, have provided continuous support to Freightos, including market information and a wide range of networking opportunities in both IT and logistics industries, etc.

Although Schreiber is not based in Hong Kong throughout the year, he enjoys the city’s great vibe and looks forward to the time that he is spending here. “The intersection of culture, history, technology and freight make this the perfect place both for work and play,” he concluded.

Wednesday, March 11, 2015

Further Reading (Please click here to download Acrobat Reader)

Fast Facts

  • Freightos is the trading name of Tradeos Ltd, a Hong Kong company
  • An experienced team operating from around the world, including Hong Kong, Europe, US, Mainland China, Singapore, Israel and Palestine

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