Funds to help expand global footprint of its delivery logistics platform
FarEye, a leading logistics SaaS platform for predictive visibility, has announced that it has raised an additional $13 million as an extension to its Series D investment.
The funding is led by The Fundamentum Partnership, the growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal and KB Global Platform Fund, one of the leading investment firm of Korea.
In April, FarEye had raised $24.5 million in Series D from M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners.
FarEye works with its enterprise customers to provide higher control on their supply chains and offer a superior delivery experience to their end customers.
The company’s technology platform digitizes the way enterprises dispatch, execute, track, and optimize the movement of goods, enabling enterprises to lower logistics costs while delighting end consumers.
Kushal Nahata, CEO, FarEye said: “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.
With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers.”
Commenting on the investment Sanjeev Aggarwal, Co-founder of Fundamentum said: “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.
"I believe in the founders, and the team has the clarity of vision. We are excited to partner with FarEye in its journey to create a global technology leader in the logistics space.”
FarEye’s recent success in Europe with marquee customers like the leading postal and logistics service company in Finland and a leading American eCommerce company among others has fueled its focus for rapid expansion in the region.
Recently FarEye established its European headquarters in London and continues to invest in building its sales, solutions, services, and customer success teams in the region.