Slync.io, a Dallas-based company that offers an automated orchestration operating platform for global logistics, announced the close of its $60 million Series B funding round.
Venture firm Goldman Sachs Growth led the Series B investment with participation from ACME Ventures, 235 Capital Partners, Correlation Ventures and other existing investors.
The new funding brings the total amount raised for Slync.io to more than $70 million over the last year. The company announced a Series A round of about $11 million in March 2020.
“This round was actually easy. The business is growing, we have customer traction,” Chris Kirchner, Slync.io CEO, chairman and co-founder, told FreightWaves. “We signed the [Series B] term sheet in August 2020, five months after signing the term sheet for our Series A. The fact that we had multiple years’ worth of cash in the business — there are so many factors that made this far easier than the previous round.”
As part of the deal, Goldman Sachs’ John Giannuzzi will join Slync.io’s board of directors. “Slync has demonstrated tremendous progress on its mission to help global logistics service providers and shippers solve some of their most critical challenges,” Giannuzzi said in a statement.
Kirchner said the company will use the funds to continue serving its customers, which include a user base across six continents and clients such as freight forwarders Kuehne + Nagel and DHL.
Slync.io will also expand its physical presence in cities such as Hong Kong and Singapore, as well as Europe. “We will definitely have people in both of those cities within the next six months, Hong Kong within the next 30 days,” Kirchner said.
Slync.io currently has about 70 employees and could reach 200 by the end of the year with the Series B funding.
“We are hiring pretty much everything right now, all over the business,” Kirchner said. “It’s data science, it’s engineering, a lot of customer-facing functions to fill out. Our technical solutions group is a big area of focus for us right now because our customers are all large enterprises.”
Founded in 2017, Slync.io is a logistics visibility solution that offers a multiparty intelligent supply chain operating platform that delivers logistics orchestration for shippers, logistics service providers and carriers to manage global operational issues and multi-enterprise data.
The company’s SaaS platform performs data harmonization by synchronizing both enterprise systems and manual tools within a single system, helping to deliver higher productivity and process efficiency to customers through automation tools.
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