Tel Aviv, Israel-based innovative fintech platform for cross-border trade financing, 40Seas raised USD 111 million in funding. The seed round took place on January 10, 2023. Team8 led the USD 11 million seed funding round for 40Seas. Meanwhile, ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) also participated in the financing. The company received USD 100 million credit facility for exporters and importers. Moreover, ZIM extended a three-year, account receivables-based, senior secured, revolving credit facility of approximately USD 100 million, with an option to extend it to USD 200 million for the company.

Purpose of financing for 40Seas

With the recent financing, the company aims to expand its operations. Besides, it has plans to further enhance its business offerings.

Meanwhile, ZIM seeks to embed 40Seas into the freight forwarding services offered by Ship4wd, its award-winning digital freight forwarding subsidiary, targeting the SME market. Through this integration, ZIM’s SME customers get to benefit from a digital financing solution designed to reduce operational and administrative overheads and ease the burden of freight and inventory expenses.

What the company’s official has to say

Eyal Moldovan, the 40Seas Co-founder and CEO, said, “As a kid working in my father’s warehouse, I recall watching him routinely struggle with suppliers and banks to get extended payment terms and financing for his import business. In the 25 years since the trade financing landscape hasn’t evolved in any meaningful way or kept pace with the needs of SMEs operating in the digital era. Given today’s harsh macroeconomic conditions, now more than ever, SMEs need easy access to financing to have the best chance of survival. 40Seas wants to drive a sea change in how companies access to finance, with a unique solution that makes life easier for importers and exporters, serving both directions of cross-border trade.”

What the investors have to add

Eli Glickman, President and CEO of ZIM, further said, “With our significant investment in 40Seas, we continue to advance disruptive technologies to promote digital innovation in the shipping industry while developing additional streams of revenue that complement our core shipping business. We are thrilled to partner with Team8, one of Israel’s leading and most innovative venture groups, on this ground-breaking initiative, which we will also soon offer to our customers worldwide, initially via our digital freight forwarder, Ship4wd. Importantly, with this strategic cooperation, 40Seas will be able to leverage ZIM’s in-depth knowledge of cross-border trade and our close relationship with the market and global SME customers to bring this advanced, much-needed digital financing solution to the market.”

In addition, Rakefet Russak-Aminoach, Managing Partner at Team8, said, “Amidst challenging economic conditions and a fractured global supply chain landscape, now more than ever, SMEs need more streamlined and flexible ways to access financing. Team8 is extremely proud to have partnered with the 40Seas founding team, and we are thrilled to have supported their mission to simultaneously accommodate the financing and cash flow needs of importers and exporters. By participating in the investment round, ZIM, a multi-billion dollar industry heavyweight, has provided a major stamp of validation and confidence in the 40Seas solution.”

About the company 

Eyal Moldovan, Gil Shiff, Suki Gao and Igor Zaks launched the company in 2022. Based in Tel Aviv, Israel, 40Seas has offices in New York City, Toronto and Shenzhen.

For more extensive analysis and Market Intelligence reports, feel free to approach us.

We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know

if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover

–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!

Next Article

Previous articleUSA-based Chronosphere raises an additional USD 115 million funding in Series C
Next articleNew York-based AI-powered sales assistant Attention raises USD 3.1 million in funding
Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


Please enter your comment!
Please enter your name here