FarEye, a logistics SaaS platform for predictive visibility, has raised an additional USD 13 Mn 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 firms of South Korea.
The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation, the startup said in a release. 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.
This is the second time this year that FarEye has been able to raise funds to support its 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.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, the company is present across 20+ countries and has strong traction with more than 150 global retailers, CPG companies and Logistics & Transportation providers including DHL, Amway, Dominos, Walmart, Johnson & Johnson and Hilti.
FarEye works with its enterprise customers to provide higher control on their supply chains and offer the 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.
“Logistics is the backbone of any given economy, and yet it has been a difficult space to innovate. We
are excited to partner with FarEye as it paves the way for its enterprise customers, such as DHL and
Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts. The newly raised capital will allow the team to deliver additional value to its enterprise customers by bringing in more global talents who will ultimately contribute to the advancement of the platform’s predictive capabilities and customer services. We look forward to FarEye’s contribution to its enterprise customers around the globe both during and post the current pandemic as seamless logistics has never been more vital to their business. We have been deeply impressed with FarEye’s response during the pandemic as a global leader in the logistics SaaS space,” said Chunsoo Kim, Managing Director (Head of Global Investment Group) at KB Investment.