FarEye raises additional $13m for extension to its Series D investment
FarEye, a logistics SaaS platform for predictive visibility, recently announced that it has raised additional $13 million as an extension to its Series D investment led by The Fundamentum Partnership, the growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal and KB Global Platform Fund, one of the leading investment firm of Korea.
The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation. The need is being further accelerated by enterprises and end consumers demanding a high level of transparency, faster and more convenient delivery experiences. There is also an increased need for flexible supply chains to meet these demands.
FarEye works with its enterprise customers to provide higher control on their supply chains and offer a superior delivery experience to their end customers. The company’s technology platform digitizes the way enterprises dispatch, execute, track, and optimize the movement of goods, enabling enterprises to lower logistics costs while delighting end consumers.
“The support and trust of our investors, customers, and partners underpin our deep desire to make logistics better for brands, their customers, and the environment. We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. With recently raised funds we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hyper-growth in these regions. With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers.” said Kushal Nahata, CEO, FarEye.
Commenting on the investment Sanjeev Aggarwal, co-founder of Fundamentum said, “Investment in the logistics space is essential for the economic growth of any nation. FarEye has captured the pulse of this industry and has all the ingredients to head towards global leadership. I believe in the founders, and the team has the clarity of vision. We are excited to partner with FarEye in its journey to create a global technology leader in the logistics space.”
This is the second time this year that FarEye has been able to raise funds to support its hyper-growth in global markets, making it a total of USD 51 Mn investment so far. In April, FarEye had raised USD 24.5 Million in Series D from M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners.
FarEye’s recent success in Europe with marquee customers like the leading postal and logistics service company in Finland and a leading American eCommerce company among others has fueled its focus for rapid expansion in the region. Recently FarEye established its European headquarters in London and continues to invest in building its sales, solutions, services, and customer success teams in the region.
The region’s largest full spectrum factory and warehouse automation solution provider, ACME Intralog, reports increase in demand for their solutions as the ‘new normal’ signifies radical change in the way businesses look at their distribution centers. The disruption in logistics during Covid has made more companies look to established regional players like ACME for warehousing automation as opposed to hiring companies outside the region.