FourKites, the fastest-growing predictive supply chain platform based out of Chicago with office in Chennai, today announced $35 million in Series B funding to further its geographic and product expansion. August Capital led the round, with additional investment from existing investors Bain Capital Ventures and Hyde Park Venture Partners. Eric Carlborg, general partner at August Capital, will join the FourKites board.
FourKites has grown revenue by 400 percent over the last 12 months and is now the undisputed market leader, signing large shipper customers at a rate of one per week. The company recently signed international deals with Unilever for supply chain tracking across Europe, and with AB InBev in South Africa. Other FourKites customers include many of the world’s largest shippers – Best Buy, Conagra Brands, KraftHeinz, Nestlé, Perdue Foods, Smithfield Foods and US Foods, among others.
“The funding will further fuel the company’s plan to double its engineering talent pool and also build new teams by the end of this calendar year, 2018,” said Arun Chandrasekaran, Co-founder & CTO, FourKites. “We are going to be heavily investing in research and development, product & Engineering. This includes omni-modal tracking & end to end visibility solutions and our predictive analytics capabilities. We will also invest in our operations to help our customers realize value and be successful.”
Powered by the industry’s largest network of real-time shipment location data, FourKites uses connections to more than four million GPS devices and a proprietary algorithm to provide precise arrival time predictions and real-time recommendations. Enterprise shippers use deep analytics from FourKites to make immediate decisions that improve on-time delivery rates, strengthen end-customer relationships and optimize supply chain operations.
While FourKites has grown its customer base and network exponentially, it has also expanded tracking coverage to Europe and South America, and to include shipments moving by ocean, rail and parcel, in addition to truckload and less-than-truckload (LTL), as well as real-time trailer temperature and condition monitoring. The company has also added robust analytics and benchmarking capabilities to provide shippers with actionable business insights.
“Our goal since day one has been to deliver measurable value for our customers by reimagining the way technology can transform their global supply chains,” said Mathew Elenjickal, FourKites’ founder and CEO. “This new funding accelerates the pace with which we can develop the next generation of predictive supply chain solutions.”
“Predictive technology is rapidly becoming an integral component of supply chain execution, as companies recognize its enormous value,” said Eric Carlborg, general partner at August Capital. “FourKites is at the forefront of that value creation, delivering transformative solutions to the world’s largest companies. We look forward to being part of FourKites’ next chapter, as the team scales the breadth and depth of those solutions.”
August Capital is a venture capital firm located in Silicon Valley founded in 1995. August Capital is currently investing its seventh fund and is managing approximately $2 billion in aggregate capital commitments. August Capital’s primarily focus is on early stage investments, but also makes opportunistic later stage investments. August Capital has a diverse group of limited partners, including endowments, private foundations, fund of funds, public charitable organizations and corporate strategic investors.
According to a Gartner report, the supply chain management (SCM) market exceeded $13 billion in total software revenue in 2017, up 11 percent from 2016. It is on pace to exceed $19 billion by 2021, as software as a service (SaaS) enables new revenue opportunities.
Top Image – FourKites’ Team at Chennai office [Via – https://www.facebook.com/FourKites/]