Smedvig Capital lead £12m investment in Shipping Container Pricing Index Xeneta
Xeneta, the leading ocean freight benchmarking and market intelligence software platform, has raised $12 million in a Series B investment round led by London-based Smedvig Capital. Existing investors including Creandum and Alliance Venture also participated in the round. The financing will be used to fund Xeneta’s continued global expansion and to strengthen its product development and technology platform. Rob Toms, a Managing Director at Smedvig, will form a part of Xeneta’s board of directors. Smedvig will join Xeneta’s earlier investors Creandum, Point Nine Capital, Alliance Venture and Alden, bringing the total raised by Xeneta since 2012 to $20.5 million.
Xeneta has positioned itself as the leading container pricing platform and challenged the status quo of the traditional volatile shipping industry. By digitizing the crowdsourcing of ocean container prices it has created the most complete global container pricing index bringing pricing transparency to all stakeholders in international container trade.
This was also echoed by Jan-Erik Hareid, Managing Partner at Alliance Venture noting that Xeneta has carved out a unique position in the container freight marketplace making it a one-to-watch company.
Founded in 2012 in Oslo, Norway, Xeneta is the largest ocean freight rate benchmarking and market intelligence platform. In just 2 years, Xeneta has grown in its database of contracted shipping rates from 2MN in 2015 to 23+MN in 2017, while increasing revenue by 200% in 12 months. Customers 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. The company has offices in Oslo, Hamburg and establishing a presence in the U.S. east coast, currently New York.
In 2016, Xeneta was named Nordic Startup of the Year – Norway and Patrik Berglund, CEO, received the prestigious Lloyd’s List Innovation in Shipping Award.