[Funding Alert] Logistics SaaS Platform FarEye Raises $25 Mln In Series D Round
The company will use the new funds to further invest in the platform's predictive capabilities and grow faster in Europe, Asia Pacific and the United States.
FarEye, a logistics platform provider, has raised $25 million in a Series D round led by Microsoft's venture fund M12. Eight Roads Ventures, Honeywell Ventures as well as existing investor SAIF Partners also participated in the round.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, the Software-as-a-Service platform helps companies orchestrate, track, and optimize their logistics operations.
The company has presence across 20 countries, and works with more than 150 global retailers, consumer packaged companies, and logistics and transportation providers such as DHL, Amway, Domino's, and Walmart.
"We will use this investment to create greater value and improve the experience for our customers by enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing our teams in Europe, APAC and US," Nahata said in a statement.
FarEye currently handles more than 10 million transactions everyday across the globe on its platform. It claims that the platform is helping enterprises to shrink delivery time by up to 27 per cent, increase courier productivity by up to 15 per cent and eliminate risks by up to 57 per cent.
"From just-in-time logistics optimization to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organizations...FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities," said M12 India head Abhi Kumar.
During the Crisis
The investment also comes at a time when businesses have had to deal with the fallout of the ongoing Coronavirus outbreak, with subsequents lockdown that have resulted in supply chain disruptions.
To help ensure businesses can reach their end customers, FarEye said it is offering its product ‘Serve’ at a zero-fee to enable seamless movement of groceries and essential goods.
“With supply chain and logistics networks becoming so critical in today’s environment, FarEye has proven to be a business-critical provider and enabler of delivery logistics," said Kamal Vasagiri, director of venture capital investments at Honeywell Ventures.