FRGT - InvestorNewsBreaks - Freight Technologies Inc. (NASDAQ: FRGT) Secures Additional Funding to Support Growth
Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) is a technology company with a custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning, offering a real-time portal for B2B cross-border and domestic shipping within the USMCA region. The company today announced an increase in its convertible note facility by $3.3 million to $9.9 million in addition to renewing its collateralized lending facility for $5.0 million. Fr8Tech agreed to amend its loan and security agreement with Capital Foundry and extend it to 2025, with the amendment maintaining the revolving line of credit at $5.0 million and including additional types of collateral in line with Fr8Tech’s anticipated growth. “It has been great to see Fr8Tech evolve since we first started working with them in 2019, especially its accelerated growth in the past eighteen months,” said John Fox, Capital Foundry’s chief credit officer. “We look forward to the results we believe the company can achieve with this additional liquidity to continue to support its ambitious growth plans.”
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About Freight Technologies Inc.
Freight Technologies (“Fr8Tech”) is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary, Freight App Inc. (“Fr8App”), is a B2B cross-border shipping marketplace in the USMCA region powered by AI and machine learning. Focused on making shipping transparent and efficient, Fr8App provides carriers with increased growth opportunities and shippers with flexibility, visibility and simplicity for the once-complex process of international over-the-road (“OTR”) shipping. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit Fr8Technologies.com.
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