FarEye raises $100m to expand delivery management platform
Global delivery management platform FarEye has raised US$100 million to accelerate its technology development and expand its international activities.
The Series E round was led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round.
Founded in 2013, FarEye is addressing a multi-billion dollar delivery management market that continues to show double digit year on year growth. The company’s growth has accelerated over the last 12 months with particularly strong traction in Europe and North America. These markets collectively comprise over half of revenues and have grown nearly three times in the same period.
FarEye said the funds will be used to accelerate its mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks. The company will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent.
“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,” said Kushal Nahata, CEO and co-founder.
“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,” he added.
Multiple delivery models
FarEye’s intelligent & sophisticated platform is used by brands to launch and champion multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations. More specifically, FarEye enables enterprise clients to:
● Manage the end-to-end process of delivering goods or services to consumer and enterprise customers across both 3rd party and in-house fleet models
● Provide end-customers with a positive delivery experience, all while significantly lowering
logistics costs and giving unparalleled visibility and control across the entire process
● Leverage a highly modular, cloud-native and low-code platform, which allows clients to build individualized workflows to suit their unique delivery requirements while ensuring the fastest time to value
● Handle enterprise-scale volumes and compliance requirements
FarEye currently serves global enterprises across retailers, manufacturers and third-party logistics providers & carriers, including DHL Ecommerce, Amway, Dominos, Walmart, Posti, Gordon Foods, UPS and more. The company’s platform processes over 100 million transactions each month, supports more than 25,000 drivers, and is integrated into a network of over two million vehicles.