French company Shippeo, a supply chain visibility platform, has secured $32 million to continue product innovation and market expansion.
The round, announced on Thursday, was co-led by Battery Ventures, along with existing investors NGP Capital, ETF Partners, Partech and Bpifrance Digital Venture.
Founded in 2014, Shippeo joins a string of visibility platform companies that have landed venture investment as investors plough capital into software that can help companies navigate and execute complex supply chain processes.
At the core of its software-as-a-service (SaaS) platform is an API that integrates with hundreds of transportation management systems as well as telematics products, ERP and electronic logging device technology.
That integration provides shippers with real-time location data, delivery tracking and a proprietary algorithm to calculate a shipment’s estimated time of arrival.
With countries in lockdown and facing unpredictable border closures, the pandemic is only accelerating demand for data-driven solutions to meet customer demands in challenging market conditions.
“The future of business is dependent on flexible, transparent, and robust supply chains that stay resilient when challenged,” said Bo Ilsoe, partner with NGP, in an emailed statement.
“It’s pretty amazing how you can follow your $10 pizza delivery in real-time,” Ilsoe observed, but you don’t know where your container worth $10 million is.”
Shippeo is changing that. “We are proud investors in the company,” he said, “as they work to digitize and defragment the enormous global supply chains that we all rely on for food, vaccines, medicine, and other goods.”
The startup doubled its subscription revenues in 2020, while expanding the customer base with industrial brands and fourth-party logistics providers such as Kuehne+Nagel, Total, Hager or Krone.
Its workforce also has more than doubled in the past 12 months, now totaling 160 employees.
Shippeo previously raised $39 million, and with the new cash investment has secured $71 million.
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