Israeli trade financing start-up 40Seas raises $111m
Israeli cross-border trade financing fintech 40Seas has raised $111 million, comprising of $11 million in seed funding and a $100 million credit facility.
40Seas raises $111m
The firm, which has just emerged from stealth, offers financing for small and medium-sized enterprises (SMEs) involved in global commerce.
The $11 million seed round was led by Team8 with participation from ZIM Integrated Shipping Services.
ZIM has also extended 40Seas a three-year revolving credit facility of approximately $100 million, with an option to extend it to $200 million.
The shipping services firm has also embedded 40Seas into its freight forwarding services offered by Ship4wd, its digital freight forwarding subsidiary that caters to the SME market.
Eyal Moldovan, 40Seas co-founder and CEO, says: “Given today’s harsh macroeconomic conditions, now more than ever, SMEs need easy access to financing to have the best chance of survival.”
Leveraging AI and data analytics to assess credit worthiness, 40Seas offers flexible payment options via an API, opening up working capital for SME importers, exporters, freight forwarders and sourcing agencies.
40Seas says that following its soft launch in October 2022, it has financed transactions for dozens of SMEs and is aiming to finance tens of millions of dollars in the coming months.
