FourKites raises $10M from Mitsui & Co to transform supply chains in Asia-Pacific
The strategic investment will further expand FourKites’ supply chain visibility network in APAC and ease ongoing supply chain challenges in the region.
Supply chain visibility company on Thursday announced a $10 million investment from Mitsui & Co, Ltd to expand FourKites’ offerings across the APAC region.
“We are excited to partner with FourKites to bring improved supply chain visibility and efficiency to operations in all industries and all countries throughout APAC,” said John Kenichi Kogiku, General Manager of Digital Solution Business Division at Mitsui.
FourKites currently tracks international shipments in 44 countries and territories in APAC. Over the last 12 months, FourKites claims to have seen 240% growth in shipments tracked, 91% growth in new APAC customers, 70% growth in the number of carriers tracking loads in APAC, 30% growth in the number of ports tracked in APAC, now totaling 270 ports in the region and 315% growth in the number of facilities tracked in APAC, now totaling 7,000 facilities.
How SaaS startup FourKites went on to raise $101.5M in 6 years by helping brands track and manage freight
In June, FourKites announced a strategic investment from FedEx, which it will leverage to develop FourKites X, an enhanced visibility platform that transforms global supply chains with data insights from both companies’ networks.
Mitsui’s investment in FourKites comes on the heels of several significant strategic investments from major corporations that have invested in the company to drive the future of digital supply chains.
Last year, FourKites announced strategic investments from Qualcomm Ventures, LLC, Volvo Group Venture Capital AB and Zebra Technologies, wherein the industry leaders are working together toward automated, interconnected and collaborative global supply chains, spanning transportation, warehouses, stores, trucks and more.
Edited by Akanksha Sarma