A logistics startup with a focus on shipping, Freightos, has raised a new investment round worth $44.4 million for its services and platform.

The Singapore Exchange led the venture capital round which will be used by the startup to further improve its offerings, specifically focused in areas of transparency and the timeliness of information given to customers.

An aspect of the investment will also be used to expand the company’s customer-base. The platform and services provided by Freightos is cloud-based.

“Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight — an industry at the heart of the global economy,” Michael Syn, from SGX, said in an official statement, as reported by VentureBeat. “SGX is excited by the potential to develop risk management tools and services and build on Singapore’s unique position in the trade ecosystem to bridge the physical and financial markets.”

The startup has raised over $94 million since its founding two years ago, in 2016. The company provides a platform focused on logistics which looks at the shipping sector.

The Singapore Exchange plans on using the investment with Freightos to work toward similar goals of transparency while developing financial tools, according to the u Exchange. The startup is working to provide a smooth and seamless shipping process from the factory point to the point of selling.

“From small freight forwarders to global carriers and from niche ecommerce vendors to Fortune 500 retailers and manufacturers, Freightos means transparency, efficiency, and automation for supply chains,” Zvi Schreiber, founder and CEO of Freightos said via a statement. “The meteoric growth of the Freightos marketplace and success of our platform for freight rate management and digital sales shows that importers and exporters are looking for radically better freight services, while carriers and forwarders are eager to deliver by leveraging technology.”

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