MIZZEN Group has reported completion of a $1m capital raising effort aimed at funding new products and supporting market growth.
Mizzen Group is a company focused on developing Mizzenit.com, an online marketplace for freight forwarders to get rates and book containerised spot market space with shipping lines.
According to Mizzen, investment came from a combination of investors including freight forwarders as well as technology innovators and “sophisticated investors”.
The money is set to be used to launch products such as guarantees around space and equipment and further development of a broader pricing exchange.
Mizzen chairman, Dr Alan Taylor, said they were “very excited to see the growth of Mizzen in the last couple of years, which is testament to the capabilities of our team and our shipping line and freight forwarding partners”.
“We are keen to accelerate this growth and are very fortunate to be able to introduce new strategic and sophisticated investors to assist and share in the future growth of the company,” Dr Taylor said.
“The capital raising puts Mizzen in a strong position to continue this growth and introduce new products to the industry.
“This comes at a time when there is real excitement around shipping and logistics technologies, and Mizzen is strategically positioned to add significant value to the industry with very few competitors globally.”