Ocean Freight Exchange (OFE) has raised $3.3m in over-subscribed seed funding earmarked for company expansion.

Chief executive and co-founder John Hahn willl use the money, gathered over six weeks, to double the staff to 50 employees at OFE's Singapore and San Francisco headquarters.

"We think the current technologies in the market are inadequate," he told TradeWinds.

"Sadly, there aren't that many options so the customer suffers."

Seed investors include former Teekay Shipping chief executive Peter Evensen, Techstars managing director Jenny Fielding.