- 25 May 2021
- Transport / Logistics Services
Industry leading end-to-end global delivery management platform FarEye has landed $100 million in Series E funding led by TCV and Dragoneer Investment Group. The round also had support from existing investors Eight Roads Ventures, Fundamentum and Honeywell.
The investment is to be used to accelerate FarEye’s aim to empower brands to provide delivery experiences very like Amazon Prime and to redefine how products are delivered across diverse logistics networks.
At the same time, FarEye is to focus on expanding its software platform capabilities and to drive its expansion in Europe and North America and to attract world class talent to support the business. As part of the transaction, Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors.
FarEye was founded in 2013 by Kushal Nahata, Gaurav Srivastava, & Gautam Kumar and aims to address a multi-billion dollar delivery management market that has continued to achieve double digit year on year growth.
“We are very proud to have TCV and Dragoneer join our established investors to support our progress in becoming a global leader in delivery management,” Kushal Nahata, CEO and co-founder of FarEye, said. “The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44% from $598 billion in 2019. The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally,” added Nahata.
The platform processes more than 100 million transactions a month, supports more than 25,000 drivers and has been integrated into a network of more than 2 million vehicles around the world. The last 12 months has seen accelerated growth with its main markets Europe and North America now accounting for over half of its revenues having seen almost 300% growth in the last year.
Gopi Vaddi, General Partner at TCV, said: “The logistics and supply chain industry is going through a long awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last mile experiences for the end consumer. We, at TCV, are pleased to partner with Kushal, Gaurav, Gautam and the entire management team. We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics.”
“FarEye’s leading delivery management platform provides impressive visibility and control across the supply chain, which has never been more critical for retailers, manufacturers and 3PLs,” said Eric Jones, Partner at Dragoneer Investment Group. “We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.”