FarEye announced that it has raised an additional $13Mn as an extension to its Series D investment 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. The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation. The need is being further accelerated by enterprises and end consumers demanding a high level of transparency, faster and more convenient delivery experiences. There is also an increased need for flexible supply chains to meet these demands.
“The support and trust of our investors, customers, and partners underpin our deep desire to make logistics better for brands, their customers, and the environment. We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. 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.” said Kushal Nahata, CEO, FarEye.
“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,” says Commenting on the investment Sanjeev Aggarwal, Co-founder of Fundamentum.
This is the second time this year that FarEye has been able to raise funds to support its hyper-growth in global markets, making it a total of $51M investment so far. 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’s global expansion is already underway with its co-founder Gaurav Srivastava relocating to Chigaco where FarEye has established its headquarters for the Americas. The company recently appointed Paul Greifenberger as VP Sales for the Americas with a charter to expand field teams in the region. Greifenberger and Srivastava have led significant hirings to scale up FarEye’s sales, solutions, product, and delivery teams in the Americas to provide a superior experience for its US-based customers.