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Digital air freight booking engine cargo.one raises US$42 million

CARGO

28 December 2020 - 19:00
CARGO.ONE, an electronic booking platform for air cargo that gives freight forwarders real-time pricing, has raised US$42 million in Series B funding led by Bessemer Venture Partners.

The ability to attract new investors is a sign the company is moving beyond the development stage and has established a solid customer base and has good growth potential, reports New York's FreightWaves.



The announcement comes at a time of high demand for air transport and widespread capacity shortages that underscore the need for speed and lower costs through automation.



Cargo.one's booking engine uses an application programming interface that allows forwarders to directly connect their transportation management systems to partner carriers' reservation and revenue management systems.



Forwarders can search, compare rates, get a real-time quote for spot market or contract rates and instantly book a shipment with a single click and get immediate confirmation.



The traditional process requires visiting different air cargo websites and making tentative manual booking requests, with a time lag until the airline accepts the offer with its final price.


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