Global freight booking and payment platform Freightos announced the closing of its business combination with Gesher I Acquisition.
Ordinary shares and warrants of Freightos began trading today on the Nasdaq under the ticker symbols CRGO and CRGOW.
Freightos raised over $80 million through the transaction, exceeding the previously announced committed capital. The lion’s share of the raise was $10 million from Qatar Airways and $60 million from M&G Investments and The Prudential Assurance Company Limited.
Freightos at deal announcement in June was to receive up to $166 million had nearly 89% of the SPAC’s investors not redeemed their shares, wiping out almost $106 million in trust.
Freightos connects key participants across the global freight ecosystem, including airlines, ocean liners, and trucking companies, thousands of freight forwarders and over 10 thousand importers/exporters, through a digital platform that allows real-time global freight rate comparison, booking, payment, and shipment management. Last year the company facilitated nearly 700,000 digital booking transactions, representing over $600 million, representing 54% growth in transactions compared to 2021, according to a press release. Read more.
