Cargofive provides a digital platform for freight forwarders to automate rate procurement, management, and quotation processes by integrating real-time data from over 25 shipping lines and various ERP/TMS systems. This solution addresses the inefficiencies of manually managing fluctuating freight rates and disparate contract formats, resulting in significant time and cost savings for logistics operations.
Funding
$4.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
EUICSFounders
Product
Problem
Freight forwarders face challenges in efficiently managing fluctuating freight rates and disparate contract formats from numerous shipping lines. The manual processes involved in rate procurement, comparison, and quotation lead to significant time consumption and potential errors. This lack of real-time visibility and centralized data hinders optimal decision-making and cost control.
Solution
Cargofive offers a digital platform designed to automate rate procurement, management, and quotation processes for freight forwarders. The platform integrates real-time data from over 25 shipping lines, along with seamless integration with existing ERP/TMS systems, providing a centralized hub for all freight-related information. By digitizing contractual rates and offering a global rate search function, Cargofive enables users to quickly compare rates, add margins, and generate quotes. This streamlined approach results in substantial time and cost savings, improved accuracy, and enhanced visibility into freight data.
Target Audience
The primary target audience includes freight forwarders seeking to streamline their rate management processes, reduce operational costs, and improve quotation accuracy.
Features
- Real-time integration with over 25 shipping lines for spot, FAK, and NAC rates
- Intelligent contract processing engine to digitize rates from spreadsheets, PDFs, and emails
- Global rate search functionality with filtering and sorting options
- Automated quotation generation with margin addition
- Shipment tracking via BL or container number
- Seamless integration with major ERP and TMS systems via API
- Schedule integration for updated vessel schedules