FarEye announced on Tuesday it has raised $100 million in its Series E round, which was co-led by high-profile backers TCV and Dragoneer Investment Group.
The round also saw participation from existing investors Eight Roads Ventures, Fundamentum, and Honeywell taking the startup’s total raise to around $153 million.
FarEye enables companies to organize, track, and optimize their logistics operations. The startup’s flagship logistics management software supports the entire supply chain — from first-mile seller pick-ups to last-mile delivery — to providing end-to-end logistics visibility, decrease operational costs and enhance customer experience.
The startup works with more than 150 e-commerce and delivery companies globally including popular names such as Walmart, UPS, DHL e-commerce, Domino’s, Posti, and Gordon Foods, and Amway, and processes over 100 million transactions every month.
The startup has more than two million vehicles and over 25,000 drivers are on its platform today.
Speaking about companies building and digitizing their own logistics, Nahata said, “It’s not like these companies didn’t know. Earlier this was on their three-to-five-year plans, but now they want to deploy this in within a quarter.”
“For existing customers, we have seen an increase in the volume of orders especially in grocery and food categories,” he added.
Gopi Vaddi, General Partner at TCV said, “The logistics and supply chain industry is going through a long-awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi- tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last-mile experiences for the end consumer.”
Nahata said the startup didn’t initially think that Western markets were likely to similar logistics challenges as those in India and other Asian markets, but despite the growth of e-commerce in some markets, some shared underlying concerns remain.
In a statement, Eric Jones, Partner at Dragoneer Investment Group said, “FarEye’s leading delivery management platform provides impressive visibility and control across the supply chain, which has never been more critical for retailers, manufacturers, and 3PLs. We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.”
The startup recently recruited several senior executives including a new CRO (Amit Bagga — formerly President of APAC at Blueyonder and strategic sales leader at Oracle), and a new CPO (Suvrat Joshi — a former executive at Dropbox, Amazon, Facebook, Microsoft.)
It’s looking to further grow the team and is also open to exploring the acquisition of smaller firms in international markets, said Nahata.
FarEye appears to be an interesting SaaS platform in the logistics segment. The company seems to have huge growth prospects. My best wishes to the team of FarEye.Shishir Gupta, Founder and CEO, StartupLanes
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