Supply chain technology company Blume Global is furthering its growth trajectory with an equity investment from London-based Bridgepoint Group, the company said today. Bridgepoint joins funds managed by affiliates of Apollo Global Management and EQT as equity investors.
Blume Global did not disclose the investment amount, but said the funding is based on a $500 million valuation of the firm from December.
Launched in 2018, Blume Global provides a cloud-first, intelligent operating platform for global supply chain processes. The digital solution allows shippers, logistics service providers, and carriers to work together on a common data-driven platform to reduce waste and inefficiencies through visibility, automation, and optimization, according to the company.
“When we launched Blume Global in 2018, we saw an opportunity to build a cloud-based digital operating platform for global supply chains that leverages modern technologies and machine learning to optimize and automate operations,” Pervinder Johar, Blume Global’s CEO, said in a statement announcing the funding. “Since then, we have only seen increased demand for a supply chain transparency and orchestration platform like ours. We are thrilled by this new investment from Bridgepoint Group to help fund our continued growth.”
Blume Global has added more than 100 employees since January in the United States, Hong Kong, Europe, and India. The company said it will use the new funding to support research, product development, and sales efforts worldwide.
Company leaders said the firm’s mission is to reduce $1 trillion of waste from global supply chains, lower carbon emissions, and make technology accessible to millions of small to medium businesses. There are more than 10,000 companies on Blume Global’s platform, including some of the largest shippers, ocean carriers, railroads, and global freight forwarders.