Investinor has decided to invest in the Norwegian technology company Xeneta. Existing shareholders Smedvig Capital, Creandum, Alliance Ventures and Alden are also participating in the share issue, worth NOK 70 million in total.
Commenting on its decision, Investinor’s investment director Patrick Standahl said: “In a short space of time, the Xeneta team have shown that the technology and business model they have developed can make a major difference to the shipping and logistics sector. The company has already landed a number of leading, Fortune 500 companies worldwide. Investinor’s role is to invest in Norwegian companies with the potential to be world-leading in their individual niches. Xeneta is well positioned to continue its global expansion plans and reach its aim of setting an international standard for all sea and airfreight transactions.”
By getting the world’s largest freight customers, forwarders and shipping companies to share their data with Xeneta, the company has been able to create an international price comparison service that covers over 85 million contracts. Xeneta is also in the process of building the market’s leading price comparison service for airfreight. Although this effort got underway just a few months ago, the company has already collected data on more than 450,000 contracts. Headquartered in Oslo, Norway, Xeneta has delivered products to companies in 24 countries since its establishment in 2012.
“With 75 employees from 27 different nationalities, and with women making up 36 per cent of the workforce, Xeneta has an exemplary focus on diversity. This is something that Investinor values highly,” said Sandahl.
Investinor is investing around NOK 35 million in the share issue. Xeneta’s existing shareholders, Smedvig Capital, Creandum, Alliance Ventures and Alden are matching this amount. The issue is therefore set to raise NOK 70 million in total.
According to Xeneta’s CEO Patrik Berglund: “The latest investment gives us additional strength to continue building our sea and airfreight database into the world’s largest platform for freight rates. We have already changed the way the sea and airfreight market works, and we are very pleased to now have Investinor on board. Investinor is a key player in the Norwegian venture capital sector. They can help us become an even greater international success from our headquarters in Norway.”
For Fredrik Cassel, a general partner at Creandum, it has been “a privilege” to accompany the Xeneta on its way to becoming a preferred brand in the shipping industry. “Xeneta has found its niche,” he said, “and we believe the company will continue to deliver strong results as a result of this strategy. We are pleased to have Investinor on board in this share issue. Together with Smedvig, Alliance Ventures and Alden, we look forward to supporting Xeneta in the next stage of its journey.”
For further information, please contact:
Patrick Sandahl, Investment Director at Investinor, mob +47 916 88 198
Katherine Barrios, CMO at Xeneta AS, mob +47 951 46 414