[Funding alert] Logistics SaaS startup FarEye raises $25M in Series D led by Microsoft's venture fund
FarEye, a SaaS-based logistics startup, on Wednesday, announced that it has raised a Series D investment of $25 million led by M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.
“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 the US,” said Kushal Nahata, CEO of FarEye.
“From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations,” said Abhi Kumar, M12 India Head.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimise their logistics operations. The startup said it empowers enterprises with exceptional delivery experience and efficient movement of goods for both B2C and B2B segments.
“FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments,” Abhi added.
Today the company claims to be present across 20 countries and traction with more than 150 global retailers, CPG companies, and logistics and transportation providers including DHL, Amway, Dominos, Walmart, Johnson & Johnson, and Hilti. It says it handles more than 10 million transactions every day across the globe on its platform.
"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.
To help ensure businesses can reach their end customers as the world grapples with the COVID-19 pandemic, the startup is offering its product ‘Serve’ at a zero-fee to enable the seamless movement of groceries and essential goods.
Shweta Bhatia, Partner, Eight Roads Ventures said,
“The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories.”
Edited by Saheli Sen Gupta