FarEye has raised an additional US$13 million as an extension to its Series D investment led by The Fundamental Partnership. The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation. The need is being further pushed by enterprises and end consumers demanding a high level of transparency, faster and more convenient delivery experiences.
Kushal Nahata, CEO FarEye, said the support and trust of their investors, customers and partners underpin their deep desire to make logistics better for brands, their customers and the environment. “We see a surge in need for real-time visibility in logistics for businesses to build customer-centric supply chains. With recently 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,” he said. “With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers.”
Sanjeev Aggarwal, Co-Founder of Fundamentum, pointed out that 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,” he said. “We are excited to partner with FarEye in its journey to create a global technology leader in the logistics space.”
FarEye works with its enterprise customers to provide higher control on their supply chains and offer the superior delivery experience to their end customers, said the company’s official statement. Its technology platform digitizes the way enterprises dispatch, execute, track and optimize the movement of goods, as such, enabling enterprises to lower logistics costs while delighting end consumers.
Chunsoo Kim, Managing Director at KB Investment, believes logistics is the backbone of any given economy, but it has been a difficult space to innovate. He said their partnership with FarEye paves the way for its enterprise customers, such as DHL and Walmart, to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts. “The newly raised capital will allow the 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,” Kim said.