Posted by New Delhi: FarEye has raised an additional $13 million from the Fundamentum Partnership led Series D investment.
With this new investment, the logistic SaaS platform startup has raised a total of $37.5 million in Series D funding. The investment will be utilised to expand its logistics platform.
FarEye had raised $24.5 million in Series D in April this year from M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures, Honeywell Ventures and existing investor SAIF Partners.
Fundamentum Partnership is a growth-capital fund for mid-stage technology companies in India. Nandan Nilekani, Sanjeev Aggarwal and Korean investment firm KB Global Platform Fund are backing The Fundamentum Partnership fund.
The investment will propel FarEye’s global expansion to address the steepening digital curve for logistics transformation. Enterprises and end-consumers are demanding a high level of transparency, faster and more convenient delivery experiences. And this has further pushed the need for digital in logistics along with flexible supply chains to meet those demands.
FarEye provides its enterprise customers with higher control on their supply chains and superior delivery experience to their end customers.
The logistics startup‘s technology platform digitizes the way enterprises dispatch, execute, track, and optimise goods movement; enabling them to lower logistics costs. DHL and Amway are among FarEye’s major enterprise customers.
“We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. With the 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,” said Kushal Nahata, CEO – FarEye.
“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,” said Sanjeev Aggarwal, Co-founder – Fundamentum.
“The newly raised capital will allow the FarEye 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,” said Chunsoo Kim, MD – (Head of Global Investment Group) KB Investment.
FarEye has been able to raise funds second time this year to support its hyper-growth in global markets. It has raised a total $51 million investment so far.