The Israeli goods delivery platform Freightos By Zvi Schreiber breaks the prolonged freeze in the mergers of theSPAC And announces today (Wednesday) that it will merge with the blank-check company ‘Bridge 1’ to create a corporation worth $ 435 million. As part of the deal, Prytos announced that it had raised $ 80 million. Bridge 1 was founded by the American Jewish businessman Ezra Gardner, a partner in the Varna Fund, with the aim of finding a technology company that would merge with it for an IPO on the New York Stock Exchange.
Freitos is a Jerusalem-based start-up company that ironically thrivesK. in the maritime field. The company, which also has offices in Barcelona, has developed a system for automatic pricing of goods at sea and Karna has risen in recent years following the severe crisis in supply chains due to, among other things, a shortage of tankers, truck drivers and transport ships. It is a kind of digital market that allows comparison of transportation rates, ordering shipping services and managing them over time.
CEO and founder Zvi Schreiber told Bloomberg that its revenue this year is estimated at $ 21 million and that despite the problematic timing in the market, he believes the market finally believes in its long-standing vision – that global supply chains are not flexible and innovative enough. Zvi Schreiber is the brother of Daniel Schreiber, CEO and co-founder of Lemonade. He is a serial entrepreneur who has previously set up companies like Ghost and Lighttech.
According to PitchBook, the company has raised $ 105 million since its inception in 2012, by investors such as shipping giant FedEx, Qatar Airways, SGX Group, Keren Alef and Moore V. si. The chairman of the Booking Group, Newborn, is also one of the company’s private investors. Bridge 1 raised $ 115 million as early as last October. The deal is expected to be launched only in the second half of the year, subject to the merger approval.