FarEye will use the funding to expand across Europe and North America. Here are the top-line bullets you need to know.
Fareye, a logistics management platform, has raised $100M in a Series E. The round drew participation from TCV, Dragoneer Investment Group, and Eight Roads Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- Chicago-based Fareye uses its SaaS platform to optimize logistics and supply chain operations for businesses. It provides end-to-end visibility in the supply chain operations and helps reduce operational costs.
- The company has 150+ customers across 30+ countries. Customers include Walmart, Amway, Dominos, DHL eCommerce, and UPS, among others.
- Fareye processes over 100M transactions each month and has a network of over 25,000 drivers and 2M vehicles.
- The European and North American market has tripled in the last year and contributes to more than half of the company’s total revenue.
WHY DOES THE MARKET MATTER?
- The global logistics services software market is expected to grow at a CAGR of 10% and reach $2.92B by 2025, according to Technavio.
- The Covid-19 pandemic and subsequent supply chain disruptions have led to increased investments in logistics to improve visibility, transparency, and reduce costs.
- The global supply chain and logistics technology segment has witnessed more than 400 deals in 2020. This trend is subsequent with growth in the e-commerce sector, wherein consumer spend increased 44% in 2020, with online sales worth $861B in the U.S.