Creandum et al. back Xeneta

Creandum heard about Xeneta from a contact in Norway and approached the company. The venture capital firm has been interested in the Norwegian market recently, and Oslo in particular.

Sea freight is an industry which has not been affected by the internet to a great extent; hence transparency is not widespread within the shipping industry, the GP told unquote". Creandum was attracted to Xeneta due to its team and deems the crowd-sourcing service a well-designed, easy-to-use, valuable tool.

The fresh capital will be used to expand into new markets, specifically adding to the breadth of coverage for Xeneta's price comparisons in terms of the number of trade lanes in and out of Europe.

The capital injection will specifically be used for expanding beyond Northern Europe to the US and Asia during the next 12-18 months.

Creandum will keep investing in the company and support its development. The firm will participate in the next investment round as well.

Company
Based in Oslo and founded in 2012, Xeneta provides a crowd-sourced price comparison service for sea freight.

Targeting freight buyers such as producers, importers, exporters or any company transporting cargo by containerised sea freight and freight sellers, Xeneta operates a price comparison service to compare rates against the market average.

Since its inception last year, the company has managed to grow its coverage to more than 125,000 data points per month on 1,100 port-to-port combinations to and from Europe.

People
Fredrik Cassel is a general partner at Creandum. Paal E Johnsen is the CEO of Alden. Patrik Olstad Berglund is the CEO and co-founder of Xeneta. Thomas Sørbø is a co-founder of Xeneta.

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