Israeli freight booking platform Freightos is looking to go public via a SPAC merger with Denver-based Gesher Acquisition Corp.
The firm is poised to net $80M from the transaction, giving the firm a valuation of $500M. The company's investors were in no hurry to exit their investments, which made SPAC the right choice for them rather than a traditional Initial public offering listing, per CEO Zvi Schreiber.
- British firm M&G Investments is one of the investors that picked up shares of the company during the current listing.
- Some investors agreed to a two-year lockup on their investments, while others have agreed to between six months to 18 months of a lockup.
- To date, the firm has $118M in equity funding from investors, the most notable of which are Qatar Airways, FedEx, Singapore Stock Exchange, Aleph, and MoreVC.
- The company will trade under the ticker name "GIAC" on the Nasdaq.
- Freightos garnered $20M in revenue in 2022 and expects to oversee $1B in gross bookings in 2023.
