![]() Initially, the company covered just one route - from a port in Norway to a port China. Today, Xeneta has most definitely crossed over into the self-feeding category in that regard, although earlier years when the company was just starting out were definitely more challenging. Its system then orders that data and applies analytics around it to model how pricing is moving, and what it might mean for related routes elsewhere.Īs with other crowdsourced logistics platforms (Waze is an apt example here), the more data that is fed into the system, the more powerful it becomes. Xeneta's breakthrough was to build a platform where all of those players could essentially share what prices they are paying at any given moment for a particular route. Those with space on freighters don't know the best prices to offer potential customers. ![]() Those who are looking to book a shipping job might not know what the going price might be for a particular route, or whether it can be approached in a different way more cheaply. Added to that, those interactions are often analogue and impacted by a multitude of factors that can affect pricing and overall operations. Xeneta is in yet another distinct category of freight and shipping services: business intelligence for the companies working within the industry.Īs Berglund explained it, it's a somewhat ranging and unstructured market: for starters, you have thousands of small and big shipping companies and the partners they use to carry out their work, as well as hundreds of thousands of businesses using those services. Pa圜argo is building new payment products companies like sennder, Zencargo and Flexport have zeroed in on freight forwarding Flock Freight is applying a carpooling ethos to trucking Convoy is also applying a new touch to logistics Fleetzero believes there's mileage in electric freight ships and so on. There have been a number of tech startups emerging over the last several years targeting opportunities to bring more modern approaches to the antiquated and un-streamlined world of shipping. Innovations in e-commerce and fintech have sped up how the world finds and pays for goods and services, but when it comes to getting items from A to B to turn the wheels of that ecosystem, the journey is a little less zippy: shipping remains a fragmented and - subject to economic, climate and social changes - often unpredictable ecosystem. This is all just the tip of the iceberg, however: Patrik Berglund, Xeneta's CEO and co-founder, said in an interview with TechCrunch that combined procurement across air and sea (the two channels Xeneta covers today) totals between $600 billion and $900 billion depending on the season and there are thousands more shipping companies and other shipping players out there. ![]() And it has m ore than $40 billion in procurement sitting on the platform to date. Xeneta has already amassed 300 million data points from "several hundred" of the world's biggest shipping companies, which contribute and subsequently source data from the Xeneta platform to figure out if they are paying market prices for their shipping on particular routes. ![]() Xeneta - a startup out of Oslo, Norway, that applies innovations in crowdsourcing to the fragmented and often murky world of shipping to build transparent data and analytics for the industry - has raised $80 million, money that it will be using to build out its datasets and customers across more global routes. The wheels of global commerce continue to turn, through wars, pandemics and economic downturns and today a startup taking a new tech approach to improve the workings of one of the more antiquated aspects of that industry - shipping - is announcing a big round of funding to double down on growth.
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