FarEye raises $25m in Series D funding for growth amidst high demand for home deliveries
The company will use the funds to further invest in the platform's predictive capabilities and accelerate growth in Europe, Asia Pacific & US.
FarEye, a leading logistics SaaS platform, today announced 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.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye's predictive logistics platform enables enterprises to orchestrate, track, and optimize their logistics operations. FarEye empowers enterprises to win in this customer-centric era with exceptional delivery experience and efficient movement of goods for both B2C and B2B segments.
Today the company is present across 20 countries and has strong traction with more than 150 global Retailers, CPG companies and Logistics & Transportation providers including Emirates Post, DHL, Amway, Dominos, Walmart, J&J and Hilti.
FarEye successfully handles more than 10 million transactions everyday across the globe on its platform and provides better decisioning based on billion plus data-points fed into its machine learning engine. The platform's ability to seamlessly digitize 3PL carriers' operations and quickly integrate with external systems for predictive visibility has gained immense traction globally, positioning it as a marquee top-tier provider.
"We deeply value the support and trust of our investors, customers and partners who have been instrumental to our success. I am delighted to see the impact we are making by optimising multi-million deliveries on a daily basis. 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 & US." said Kushal Nahata, CEO, 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.
"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."
To help ensure businesses can reach their end customers as the world grapples with the COVID-19 pandemic, the company 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."
"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. We strongly believe in the team and the FarEye's platform and are excited to help accelerate their growth with our investment," said Kamal Vasagiri, director of venture capital investments at Honeywell Ventures.
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