Predictive logistics platform provider FarEye plans to accelerate its mission of empowering brands to provide “Amazon Prime-like delivery experiences” thanks to a $100 million round of venture funding announced today.
Founded in New Delhi, India in 2013, to address the multi-billion dollar delivery management market, FarEye says it will also focus on expanding its software platform capabilities, drive European and North American expansion, and expand hiring.
The “series E” round was led by TCV and Dragoneer Investment Group, with additional participation from existing investors Eight Roads Ventures, Fundamentum, and Honeywell. It follows previous rounds of $13 million and $25 million, both in 2020. As part of the new transaction, TCV General Partner Gopi Vaddi will join FarEye’s board of directors.
“The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44% from $598 billion in 2019,” Kushal Nahata, CEO and co-founder of FarEye, said in a release. “The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally.”
FarEye says its product is an end-to-end, global delivery management platform that is used by brands to operate multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations.
The company has seen strong growth over the last 12 months in Europe and North America, which grew nearly three times in that period and now comprise over half its revenues. The platform now processes over 100 million transactions each month, supports more than 25,000 drivers, and is integrated into a network of over two million vehicles.
“The logistics and supply chain industry is going through a long awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last mile experiences for the end consumer,” TCV’s Vaddi said in a release. “We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics.”
