The Norway based startup Xeneta, which provide a crowdsourcing price comparison service for marine time has today announced that they have secured $12 million in B Series

The round for Series B was led by Smedvig Capital a London based venture firm, including existing investors Creandum and Alliance Venture.

In order to break the traditional vague of $200 billion plus of the container transportation market, Xeneta build what it describes as “Maritime transportation bench-marking and information about the market” platform, which mainly depends on the “Crowd”, to exchange the data on the container transportation prices by consignors and freight forwarders

The over all concept is to render the complete fare of the sea freight and to provide much greater visibility on the average market fare on more than 160,000 worldwide trade routes. According to the sources till today the company has outsourced over 23 million shipping prices, allowing it to offer these prices to the real-time industry.

Xeneta in its statement said this new capital will be used to finance the continued goal expansion of the startup and development of its products.

Current customers includes Kraft Heinz, Electrolux, Continential,Thyssenkrupp, Akzonobel, Brother International, as well as major suppliers in the automotive, chemical and retail industries.


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