As the brisk autumn starts to inch its way to Scandinavia, at Xeneta we are excited to announce some hot news. We have raised an additional $80 million in funding led by world-class investors, Apax Digital, with participation from our top-notch existing investor, Luxor Capital (Lugard Road Capital).
This funding highlights that data in the ocean shipping and air cargo market, actually, in the entire supply chain industry, RULES.
The macro-occurrences of the past couple of years have made it pretty clear for companies that access to readily available and actionable freight rate data has emerged as a strategic priority. But this undeniable need for data would have happened anyway.
We live in an increasingly data-driven world, procurement, sourcing, finance, and other functions cannot operate effectively without data that is fit for purpose. Sure, it may have taken the shipping industry a little longer to catch up, but sometimes you need a pivotal moment or moments to push things over the edge. And, in the past couple of years, we’ve had our share of “pivotal” moments in this industry. When our grandparents are talking about ships stuck in the Suez Canal and “supply chain” challenges over Christmas dinner, you know you’re on to something seemingly important.
With this funding, we plan to accelerate investments in platform development, acquire complementary data sources to strengthen our offering, and scale our global sales and marketing initiatives to new markets.
Our Role in a Changing World
This isn’t any ordinary raise for us. Of course, extra capital means we can grow faster, and focus on the speed and velocity of our business. That’s all extremely important for us and our investors.
But what we find even more important is that we are continuing to build something that really matters. We’ve built a data platform to provide intelligence into what was once a very opaque market stuck in dated processes and strategies. What’s most important for us is to influence this ever-changing world and help our customers be the best they can be.
Excuse the lame latter sentence, but it’s true. Features, functions, and new bells and whistles in our platform only go so far if our customers aren’t succeeding in being their best selves.
With our platform, we strive for our customers to become:
- Less frustrated by not knowing what is going on in the market
- Masters of their own information to get what they need when they need it, to succeed
- More relaxed and efficient by knowing information is in one place, always available
- Purposeful communicators, armed with the most accurate data that helps make business-critical decisions
We are grateful to everyone who contributed to Xeneta over the years and helped us get to this point. We also want to give a very special “THANK YOU” to our early adopter customers who saw the power of our data before we’d necessarily found out the true value of the market insights it drives. We are lucky to have worked with so many amazing people, and we can’t wait to see what’s to come.
We leave you with this video as we continue our quest to transform the way freight is bought and sold.
Feel free to contact us, if you have any questions. We're always happy to connect.