Shippeo has raised $22 million in a Series B funding round co-lead by NGP Capital and ETF Partners with participation from Bpifrance Digital Ventures and Partech.
“Welcoming top-tiers investors is a great source of pride for Shippeo. Their international reach and strong experience in the mobility sector will be a major asset when implementing our ambitious strategy to become the global leader of a $6 billion market. By revolutionizing supply chain visibility, Shippeo aims to unlock value for shippers and carriers, and in the long run, reinvent freight transport,” says Pierre Khoury, CEO, and Lucien Besse, COO, of Shippeo in a joint statement.
Shippeo provides predictive and real-time visibility into goods delivery. The AI-based platform aggregates data from hundreds of sources in real-time to calculate estimated time of delivery arrival with 98% accuracy. Since its creation in 2014, Shippeo has successfully scaled its operations and is now servicing more than 50 large customers, such as Schneider Electric, Carrefour, Eckes-Granini and Leroy Merlin, across 40 countries. The team has grown tenfold and Shippeo now employs 80 people in seven different offices across Europe.
Over the last year, Shippeo has increased its turnover by 300%, positioning itself as one of the fastest-growing start-ups in Europe.
The Series B round of $22 million in new equity is co-lead by NGP Capital and ETF Partners with participation from Bpifrance Digital Ventures and Partech Partech, who participated in the Series A round, also took part in this new funding, reaffirming its trust in Shippeo and its long-term support to the management team.
“Working with great entrepreneurs is our core mission at NGP Capital and we are honoured to join Pierre, Lucien and the talented Shippeo team in their continued journey. The supply chain industry is ripe for increased digitization and we look forward to adding-value to the company through our global model and network,” says Bo Ilsoe, partner of NGP Capital.
Shippeo will use the Series B funding:
● To further strengthen its market-leading position in Europe by multiplying the customer base times five while maintaining a very high customer satisfaction,
● To expand the team by 150 new recruits in data science, IT, sales and operations,
● To triple its R&D investment in AI and automatization to achieve increased operational excellence and increased customer visibility into the supply chain.
The supply chain industry remains fragmented and underserved from a technology standpoint. With more than 600.000 road freight companies in Europe alone, digitization offers tremendous opportunity for industry disruption and Shippeo is leading the way in decreasing fragmentation and increasing real-time visibility into freight delivery.