SINGAPORE - GoComet, a freight quote comparison platform, has raised $3 million in a Series A funding round led venture capital firm Leo Capital, alongside new investors SGInnovate and AugustOne.
Existing investor India Quotient also participated in this investment round.
Besides its headquarters in Singapore, the tech firm also has operations in India, Thailand, Indonesia, Dubai and Saudi Arabia. It is now in the process of expanding into other South-east Asian markets, the company said.
Noted Chitransh Sahai, co-founder and director of GoComet: "This investment is a huge sign of confidence in our efforts to transform this sector. We are also looking for top talent to help us achieve this."
The company claims that its SaaS (software as a service) platform reduces costs and increases efficiencies for freight procurement processes.
According to GoComet, its platform has also processed more than 19,680 tonnes of air freight and 84,000 containers, with a gross freight value of S$235 million to date.
Pang Heng Soon, head of venture building at SGInnovate, said: "Technological advances in AI (artificial intelligence) and machine learning have the potential to make waves across multiple sectors touched by the logistics industry, from commodities to pharmaceuticals and more.
"GoComet already has a proven track record, where they are providing cost savings in supply chain management for some of the large corporates in South-east Asia. We are excited to be part of their journey in building and scaling their technology..."
Shwetank Verma, general partner at Leo Capital, added: "International freight is a large space, and we see a lot of value being created through technology. GoComet's excellent team of serial entrepreneurs, superior technology and execution gave us the conviction to back them."